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RBI remains committed to COVID fight, keeping inflation within target, says Deputy Governor Michael Patra

The RBI’s measures have contributed significantly in engineering the turnaround in the Indian economy, supported by rising financial inclusion and digitalisation, Patra said while delivering the C D Deshmukh Memorial Lecture organised by the Council for Social Development, Hyderabad

January 28, 2022 / 12:30 PM IST

The Reserve Bank of India (RBI) remains committed to revive and sustain growth and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within target, Deputy Governor Michael Patra said on January 28.

The RBI’s measures have contributed significantly in engineering the turnaround in the Indian economy, supported by rising financial inclusion and digitalisation, Patra said while delivering the CD Deshmukh Memorial Lecture organised by the Council for Social Development, Hyderabad.

"We are on course to be among the fastest growing economies of the world, but there is far to go. Private consumption and investment are still work-in-progress. The restoration of livelihoods and the revival of MSMEs is a formidable task that lies ahead," Patra said.

The MPC has a mandate to keep inflation within a band of 2%-6%.