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Current situation is not comparable with 1991: RBI

In 1991, India's reserves covered 15 days of import, while today we have reserves which cover seven months of imports

August 17, 2013 12:51 IST | India Infoline News Service
India’s situation much stronger today. The current situation is not comparable with the year 1991, Dr. Duvvuri Subbarao, Governor, Reserve Bank of India, said.

In 1991, India's reserves covered 15 days of import, while today we have reserves which cover seven months of imports, the governor further said.

Forex and rate market today are regulated. The central bank is committed to “inflation” as it does care for growth. However, there should be greater coordination between various authorities to tackle the difficult macroeconomic situation, the governor added.

There is any amount of evidence to show that an environment of low and stable inflation is a necessary precondition for sustainable growth. How history will evaluate the Reserve Bank on its balanced commitment to growth and inflation is an interesting conjecture, Subbarao said.

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