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Economy on road to higher growth, says RBI chief
MUMBAI
AUG. 16.
The Reserve Bank of India Governor, Bimal Jalan, today asserted that the economy would achieve a higher growth rate this fiscal in the face of strong economic fundamentals and a good monsoon.
"Things are much more stable... much better after the crisis," Mr. Jalan said without giving any growth projections.
After last year's drought, the Iraq war and global slowdown, the economy had done well and the growth prospects this year were bright following a good monsoon and industrial revival, Mr. Jalan, who is relinquishing his gubernatorial post in October after six years, told NDTV news channel. Despite the adverse situation, the management of economy had been good last year, he said. "Our resilience to handle problems has improved." Mr. Jalan said the exchange rate was determined by the market and there was no exchange rate target. "Rupee is flexible but not volatile."
PTI, UNI
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