RBI Governor Shaktikanta Das says economy to grow at 9.5% in FY22, plays down concerns around inflation

RBI Governor Shaktikanta Das has expressed faith that India's economy will be able to clock 9.5 per cent growth in the current fiscal (FY22).

The growth rate in the first quarter came in at 20 per cent which was in line with estimates. The RBI had projected a 21.4% growth in the first quarter.



Staying with the target of 9.5% growth means that the RBI expects the economy to pick up steam going forward.

A Finance Ministry monthly economic report also said that the V-shaped recovery is still intact.

On the issue of inflation, Das said," We don't anticipate a scenario of high inflation getting generalised, high asset prices not feeding price rise."

He added that the NPA level as of now looks manageable. On the huge haircuts taken on some of the insolvency resolution cases, the governor said that there is a scope of improvement in the process.

On cryptocurrencies, Das said the RBI has conveyed its "serious and major concerns" about cryptocurrencies to the government and now the government will have to decide on how to deal with the proliferation of such platforms.

Das said that we need “credible answers” on contribution of private cryptocurrencies to the Indian economy going forward.

(With inputs from PTI)