Singapore: The RBI will continue to unlock entrepreneurial energies and set the country firmly on track to become $5 trillion economy in the next five years, Governor Shaktikanta Das said here Friday.
The RBI chief said the slight slowdown in the last quarter was a temporary one and the economy is likely to end the fiscal with higher growth rate of close to 7 per cent.
“The policy focus will continue to be on unlocking…entrepreneurial energies and set India firmly on the trajectory towards its aspirations of becoming a $5 trillion economy within the next five years,” he said at a dialogue with Indian business community.
As the financial sector repairs and emerge out of the balance sheet stress, a speedy revival of demand in the economy assumes vital importance in order to reinvigorate, he told over 200 business executives from leading corporations.
“Stimulating demand is currently the overriding priority of both the Government and RBI (Reserve Bank of India).
“Some structural reforms are also required, and I am happy to note that some structural reforms are on the anvil,” Das said.
He noted that with the budget for the remaining part of the fiscal announced, government spending would see a boost, which will have salutary impact on the economy.
Das was on a two-day visit to Singapore during which he met Deputy Prime Minister Heng Swee Keat, and his counterpart Monetary Authority of Singapore Managing Director Ravi Menon. He also met top leaders of financial sector and global financial companies.