RBI Chief: Growth important, but not at cost of inflation - RTRS

The Reserve Bank of India’s (RBI) Governor Urjit Patel told the Mint newspaper on Monday, keeping accommodative monetary policy to spur economic growth would not take priority over achieving the central bank’s inflation target, Reuters reports.

Key Quotes:

“Growth is always there in the MPC’s scheme of things; we don’t lose sight of that, but not at the cost of inflation.”

“However, we have to be careful — we should aim at achieving the inflation target without losing sight of supporting economic growth.”

The (MPC) will strive to achieve its 4 percent inflation target on a “durable basis.”

“Our projections based on high frequency real economy indicators suggest that growth will pick up in the third and fourth quarters (of the current fiscal year) to above 7 percent.”

“We have started seeing the upturn.”