Home / News / India /  Indian economy moving in only one direction, upward: RBI Governor

The Reserve Bank of India (RBI) Governor Shaktikanta Das is quite confident that FY22 will undo the damage inflicted by the coronavirus on our economy.

"We see the Indian economy moving in only one direction i.e. upward," said RBI Governor Shaktikanta Das.

He further added: "While the year 2020 tested our capabilities and endurance, 2021 is setting the stage for a new economic era in the course of our history."

RBI Governor Das said that the consumer confidence is reviving and business expectations of manufacturing, services and infrastructure remain upbeat. The movement of goods and people and domestic trading activities are growing at a robust pace.

In line with the Union Budget, RBI projected a GDP growth rate of 10.5 per cent for FY22. RBI Governor Shaktikanta Das said the growth outlook has improved significantly and the vaccination drive will help the economic rebound.

RBI Monetary Policy Committee has voted unanimously to keep the policy repo rate unchanged at 4 per cent, said RBI Governor Shaktikanta Das on Friday.

The marginal standing facility rate and the bank rate remain unchanged at 4.25 per cent while the reverse repo rate stands unchanged at 3.35 per cent, the RBI Governor informed.

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