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RBI Governor Says Global Growth And Trade Weakening, Highlights That India Is Fastest Growing Large Economy

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India's real GDP growth is expected to clock 7.2% during 2019-20, the fastest among large economies of the world, growing by an average rate of around 7.5% in recent years, noted Shaktikanta Das, Governor, in a speech titled Global Risks and Policy Challenges facing Economies- delivered at the event "Talks" on the sidelines of the Fund-Bank Spring Meetings, 2019,

Talking about India, he stated further that inflation has remained below target, averaging 3.6 per cent for the period under the inflation targeting framework so far (since October 2016 up to February 2019); the current account deficit is expected to be around 2.5% of GDP in 2018-19; and the gross fiscal deficit has adhered to budgetary targets. Looking ahead, our priority is to remain watchful and take coordinated action to revive growth and maintain macroeconomic, financial and price stability, he concluded.

The noted that the biggest risk facing Economies (EME) is the growing evidence that global growth and trade is weakening. The second risk is that EMEs remain vulnerable to financial market volatility as the experience of 2018 has shown. The risk of sudden stops and reversals of capital flows has increased. He also stated that third risk to EMEs is the high volatility in international For like India, the recent firming up of on production cuts by major suppliers presents risks to current account deficit and inflation.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 15 2019. 12:24 IST