Reserve Bank of India Governor today said agricultural sector and rural demand remain resilient as he announced a 50 basis point hike in key policy rate amidst rising inflation, multiple global crises and a declining rupee.
“The private sector has been holding up. Rural demand is also gaining gradually, investment demand is picking up...the agricultural sector remains resilient,” Shaktikanta Das said.
He added that monsoon rainfall was seven per cent above the long period average (LPA) as on September 29 and kharif sowing was 1.7 per cent above the normal sown area as on September 23.
"The production of kharif foodgrains as per the first advance estimate is only 0.4 per cent below the first advance estimate of last year. Reservoir levels were at 87 per cent of full capacity on September 29 as against the decadal average of 77 per cent. This augurs well for the ensuing rabi crop," Das said.
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