New Delhi: The Reserve Bank of India Governor Shaktikanta Das said that despite rising external risks, domestic economy is resilient as foreign debt is only 19.7% of GDP.
"There is no global recession as yet," he said at the Bloomberg India Economic Forum in Mumbai
However, the said the falling Exim trade is an area of concern.
He called for more structural reforms to cushion the economy from rising global headwinds.
He expects US Federal Reserve's latest rate cut to boost fund inflows into the country but said one needs to be vigilant about the nature of such funds.
While talking about the Saudi crisis, he said the crisis will have only limited impact on inflation and fiscal numbers given the lower subsidy outgo.
"Govt must front-load budgeted spending as there is little fiscal space for countercyclical measures to boost growth," he said.
Das expects inflation will continue to remain below 4% in the next 12 months.