Shaktikanta Das, governor of the RBI, stated here on Friday that the latest official data showing a cooling off in headline inflation to 4.7 percent in April shows the monetary policy is on the right track.
Das praised the official data as a "very satisfying development," but he would not say whether the Reserve Bank of India (RBI) would adopt a less hawkish stance as a result of the numbers being made public.
When the next policy review is discussed on June 8, he would rather say that everything would be clear.
Das was speaking at the 'Made in India' book launch by G-20 Sherpa Amitabh Kant on Friday night in Mumbai.
He said the RBI is optimistic and fairly confident over India’s 6.5 per cent real GDP growth rate though other analysts have differing views.
The RBI chief pointed out that private investments are picking up and it is visible in sectors like enlisted steel, cement and petrochemicals, among others, and any entrepreneur can testify on the growth momentum of higher sales notched every month.
Das said that if India grows at 6.5 per cent, it would contribute 15 per cent to the world growth during the year, “which is no mean achievement”.
Das also stressed the need to continue with reforms, keep accessing the best technology and hike the expenditure on research and development, both in the public and private sectors.
In his book, Kant discusses how the Indian economy has emerged as one of the largest in the world with a vibrant startup ecosystem.
Since economic performance, wrecked by socialist politics and the license-permit-quota raj, was dubbed the "Hindu rate of growth," the Indian economy has come a long way.
In a comprehensive examination of the history and culture of business in the nation, Kant has made an effort to comprehend the remarkably robust and resilient growth story of Indian business and enterprise.
Accounts of the growth of Indian business and enterprise from the time before independence to the present, 75 years after independence, are included in the book.
There are motivational stories from prominent business families and organisations, including the Tatas, Birlas, Walchand Hirachand Doshi, Wadias, Kirloskars, Shapoorji Pallonji, and new-age businesspeople like Sunil Bharti Mittal and Rahul Bhatia.