Reserve Bank of India Governor Urjit Patel said India's economic growth will make a “sharp V“ recovery following the recall of old Rs.500 and Rs.1,000 notes. Patel also made a strong case for continuing with globalisation even in the face of a potential shift to trade protectionism under US President Donald Trump as India has benefited from open trade.
RBI last week lowered economic growth for the current fiscal to 6.9% from the previously projected 7.1%, but saw it bouncing back in a big way to 7.4% in 2017-18.
He said the benefit of junking 86% of currency in circulation will take time to fully play out and needs more work to ensure they are lasting.
Asked when India could achieve 9% GDP growth, he said it is difficult to predict sustainable growth rates. Higher growth rate is possible if very fundamental reforms, especially in factors of production like land and labour, are undertaken, the governor said.
RBI last week lowered economic growth for the current fiscal to 6.9% from the previously projected 7.1%, but saw it bouncing back in a big way to 7.4% in 2017-18.
He said the benefit of junking 86% of currency in circulation will take time to fully play out and needs more work to ensure they are lasting.
Asked when India could achieve 9% GDP growth, he said it is difficult to predict sustainable growth rates. Higher growth rate is possible if very fundamental reforms, especially in factors of production like land and labour, are undertaken, the governor said.
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