Ashima Goyal, member of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), says that despite all the difficulties, the Indian economy has performed well. Famous economist Ashima said that diversity is increasing in our economy. We have also made better policy changes. Both these things helped in protecting the Indian economy from external shocks.
Economies around the world have faced many challenges in recent times. In particular, the Russia–Ukraine war and the resulting energy crisis significantly affected the development of European countries. But, Ashima Goyal, a member of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), says that despite all the external difficulties, the Indian economy has performed well.
However, Ashima also said that the Indian economy will have to increase its resilience, as the geopolitical situation remains delicate. He termed low inflation in the country as good news. He said that inflation has come down, but till now it has not come to the level at which we want to bring it.
Explaining the reasons for the good performance of the Indian economy, Ashima said, ‘Diversity is increasing in our economy’. We also made better policy changes. Both these things helped in protecting the Indian economy from external shocks.
Indian Economy Performance
The performance of the Indian economy is expected to be good in the next financial year. The Reserve Bank estimates that due to improvement in domestic consumption and acceleration in the private capital expenditure cycle, the GDP growth rate maybe 7% in the financial year 2025-26. Ashima said that since geopolitics remains fragile, we need to help keep the economy resilient through policy changes.
Recently, RBI Governor Shaktikanta Das also said that the central bank’s work of reducing inflation is not over yet. If we are even a little careless on the policy front, whatever success we have achieved so far will go in vain.
The economically and socially better southwestern states had started the debate by saying that giving ‘subsidy’ to the north-eastern states was wrong. Answering the question related to this, famous economist Goyal said that giving such a subsidy is part of the functioning of the financial federation. Its direction was different in the past and will change again in the future as other states also develop.
Ashima was asked if it was said that rural wages would be increased according to inflation, but there has been hardly any increase in it in the last decade. On this he said that many rural labour families get the benefit of many other welfare schemes including free food, hence the increase in their wages has been more than inflation.
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