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India's growth story intact, economy to bounce back: RBI Governor

New Delhi, Mar. 3 (ANI): India will recover from its current ailing economic health and revive its growth story, Reserve Bank of India (RBI) Governor Duvvuri Subbarao said on Sunday.

Addressing an alumni meet of the Indian Institute of Technology in New Delhi, he said the country had to overcome the current challenges like increasing agricultural productivity and providing jobs amongst others to restore growth back on track.

"The India growth story is still intact; the India growth story is still credible, till long term drivers of India's growth are still intact. If we do the right things we can get back on track with a double-digit growth. But I also want to say that the India growth story is not inevitable. There is no cork-written rule that India should grow in double digits," said Subbarao.

He expressed worry over dipping investments in the country but said that India's aim of achieving double-digit growth would not be a forgotten story if the government adhered to the right policies.

"We can achieve growth and improve the welfare only if we effectively implement not just economic reforms but also governance reforms, straddling virtually all sectors of the economy, slipping upon that will amount to squandering a great opportunity," said Subbarao.

India's economy grew by a worse-than-expected 4.5 percent in the quarter ending December, hurt by a slowdown in agriculture, mining and manufacturing, government data showed.

Analysts polled by Reuters had forecast growth of 5 percent. The country's economy grew at a lower-than-expected 5.3 percent in the quarter ending in September.

The finance ministry has been prodding RBI to cut interest rates to revive slowing economic growth. The central bank delivered a 25 bps cut in January for the first time since April 2012 and said inflation and the current account deficit remained key concerns.

Questions over the reliability of Indian data are not new. Economists have previously challenged the accuracy of other indicators, saying faulty data makes it potentially trickier for policymakers to take decisions on matters like interest rates. (ANI)

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk
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