26 FEB,2024 | MEDC
A member of the Monetary Policy Committee (MPC) of the RBI said that the average growth rate of the Indian economy, which is 4.25% from the pre-pandemic period is inadequate, given its innate potential. But the RBI’s maintenance of a relatively high interest rate for a protracted period of time is justified, given that it is important not to declare victory prematurely in the war against inflation. At the same time, if the economy is not overheating, the rationale for maintaining a punitive real interest rate to constrain growth, needs to be re-examined. The government has invested extensively in infrastructure over the past few years, and that, coupled with the digitalization of the system at all levels, will induce the economy to boost its potential growth rate in a global landscape characterised by uncertainty.
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