Indian economy still strong despite financial troubles – RBI
Rapid credit growth continues despite need for ongoing liquidity support for non-banks
The Indian economy continues to show signs of strength and credit is growing fast despite ongoing trouble in parts of the financial sector, the Reserve Bank of India said today (December 5).
Speaking after the latest monetary policy decision, in which rates remained on hold, governor Urjit Patel noted overall credit growth remained rapid, running faster than growth in nominal GDP. Patel said credit is flowing to “productive parts” of the economy.
Partly due to this support, the Indian economy
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