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Price stability is key to sustained economic growth: RBI's Das
Mint Mumbai
|November 22, 2024
Price stability is just as crucial as growth to reduce uncertainty and encourage savings and investment, which in turn would boost economic growth, India's central bank chief insisted.
Stable inflation or price stability is in the best interest of the people and the economy as it acts as a bedrock for sustained growth, enhances people's purchasing power, and provides a stable environment for investment, Reserve Bank of India (RBI) governor Shaktikanta Das said.
Das was addressing the High-Level Policy Conference of Central Banks from the Global South on Thursday. His speech was titled 'Balancing inflation and growth: The cardinal principle of monetary policy'.
Das's comments follow public calls by key Union ministers for lowering interest rates to spur economic growth. RBI has maintained its key policy rate at 6.5% since February 2023, and any hopes of lowering the rate diminished as October's retail inflation came in at a 14-month high.
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