Economic recovery on track: Patra

“RBI’s growth target of 9.5% for the full year is eminently achievable"

Reserve Bank of India (RBI) deputy governor Michael D. Patra on September 16 said the economic recovery remained on track as reflected in the trend of the production and order books.

“RBI’s growth target of 9.5% for the full year is eminently achievable,” he said in an online address at the CII Summit on Financial Markets.

Highlighting that the current inflationary pressures were largely driven by supply shock with contributions to inflation emanating from a narrow group of goods like edible oil, LPG and petroleum products, the RBI deputy governor warned that the incomplete pass-through of imported price pressures to retail prices and the rising staff costs in the organised sector would lend some tail risks to the inflation trajectory.