Monetary policy on right track, says RBI Governor Shaktikanta Das on inflation data release

Governor of the Reserve Bank of India Shaktikanta Das expressed his satisfaction on Friday with the cooling off in headline inflation to 4.7 per cent during April. The release of the official data gave the governor confidence that the monetary policy is on the right track. 

However, he refrained from commenting on whether the release of the numbers would lead the RBI to be less hawkish or change the stance of the policy, stating that all would be clear on the morning of June 8, the next policy review scheduled.

Speaking at the book launch of Amitabh Kant's book 'Made in India', Das said that the RBI is "quite optimistic and fairly confident" about the country's 6.5 per cent real GDP growth rate in FY24, despite other analysts not sharing the same optimism.

N. Chandrasekaran, Chairman of Tata Sons, Uday Kotak, CEO of Kotak Mahindra Bank, and Falguni Nayar, CEO of Nykaa, were also in attendance at the book launch.

According to the RBI chief, private investments are on the rise, particularly in sectors such as steel, cement, and petrochemicals, among others. This is evident in the increasing momentum of higher sales each month, which any entrepreneur can attest to.

Das also noted that private investments were picking up and mentioned sectors such as steel, cement, and petrochemicals where this was seen. If India were to grow at 6.5 per cent, it would contribute 15 per cent of the world growth in the year, which Das stressed was no mean achievement.

"We also need to continue with reforms and also ensure that we keep accessing the best of technology," Das said.

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