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Slowdown not entirely due to global factors: RBI Governor
Why is it in the news?
- The Reserve Bank of India (RBI) Governor has observed that the growth slowdown in India was not entirely due to global factors.
- He also called for greater coordination among all countries to revive growth.
More in the news
- Background:
(1) GDP growth slowed down to a 26-quarter low at 4.5% in the second quarter of the current fiscal.
(2) In its monetary policy meeting held earlier this month, RBI cut growth projections to 5% from 6.1% projected in October.
(3) For emerging market countries like India, it is important that there is quick revival of growth.
(4) Therefore, there is a need for timely and coordinated action by all countries.
- The relative emphasis between growth and inflation will depend on prevailing macroeconomic scenario, inflation and growth outlook.
Source
The Hindu, ET.