We are looking at mild recovery in growth, but inflation a concern: Gokarn
The Reserve Bank of India deputy governor Subir Gokarn on Friday said he was looking at mild recovery in growth despite decline in industrial production to 3.5%in March.india Updated: May 11, 2012 22:42 IST
The Reserve Bank of India deputy governor Subir Gokarn on Friday said he was looking at mild recovery in growth despite decline in industrial production to 3.5%in March.
“Our outlook for the year 2012-13 is for a mild recovery in growth. Our projection in the April policy statement was that the growth for 2012-13 was at 7.5%. In that we expect some bottoming out of this process over the course of the year,” he said speaking on ‘monetary policy challenges in a turbulent world’ organised by the CII Southern Region here.
He said the Reserve Bank remains focussed on fighting inflation, but other pressures cannot be ignored in the present situation.
Gokarn also said the RBI will continue to use instruments within its ambit to curb volatility in the foreign exchange market. The central bank has been taking a slew of administrative measures in recent days to defend the battered currency with the latest being on Thursday when it asked exporters to sell half the foreign currency in their accounts and made it easier for the market to absorb large foreign exchange transactions. PTI & Reuters