BAKU, Azerbaijan, June 29. In the Financial Stability Report (FSR), Reserve Bank Governor Shaktikanta Das emphasized that despite significant uncertainties and formidable challenges, the Indian economy has demonstrated a robust recovery and remains one of the fastest-growing large economies. He stressed the paramount importance of financial stability and called for all stakeholders in the financial system to work together to preserve it, Trend reports.
Governor Das reiterated the unwavering commitment of the Reserve Bank and other financial regulators to safeguard financial stability in the face of potential and emerging challenges. He emphasized the need to balance policy trade-offs, maintain macroeconomic and financial stability, bolster confidence, and support sustainable growth as key priorities for policymakers worldwide in the current delicate global environment.
While acknowledging the significance of international cooperation among regulators, Governor Das emphasized the importance for both regulators and regulated entities in India to remain steadfast in their commitment to ensure a stable financial system. He cautioned that vulnerabilities often arise during favorable economic conditions when risks tend to be overlooked.
Governor Das also highlighted the need for international cooperation and regulatory focus to address challenges such as cyber risks and climate change. India, through its G20 presidency, is actively working towards enhancing the effectiveness of multilateralism in various areas. These efforts align with India's G20 theme: One Earth, One Family, One Future.