Growth slowdown bottoming out, says RBI governor Urjit Patel

The government has actively managed price pressure on some key food items, the governor said

While expectations on price rise remain stable for the moment, “considerable caution and vigilance is warranted on the inflation front” but the slowing in growth could be over, said Reserve Bank of India (RBI) Governor Urjit Patel.

“Recent success in containing inflationary pressure needs to be viewed in the broader context of entrenching macroeconomic stability, in which the government has played a crucial part,” Patel said in opening remarks at a recent conference on ‘Financial System and the Macroeconomy’.

The consumer price index (CPI)-based inflation rate quickened to 4.88 per cent in November, from 3.58 per cent in October. The rate in