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Reserve Bank of India (RBI) Governor Shaktikanta Das has exuded confidence that India will continue to be the fastest growing major economy with a likely growth rate of 7 per cent in current financial year (FY23) on the back of strong macroeconomic fundamentals and financial sector stability. He emphasised that the country's economy remains resilient, supported by the banking and non-banking sectors.

He stated the entire world has withstood multiple shocks. ‘I call it triple shocks of COVID-19 pandemic, then the war in Ukraine, and now the financial market turmoil.’ He mentioned that the financial market turmoil is mainly emanating from the synchronised monetary policy tightening across the world by central banks, especially those in advanced countries, led by the US Fed, and the spillovers are being felt by the emerging market economies, including India.

Further, he said in this kind of successive turmoils, European Union is facing a recession situation, but there are possibilities that it will avoid that. The US is holding stable, but there are other countries where the growth has slowed down. He added so far as India is concerned, economy, overall macroeconomic fundamentals, the financial sector stability, all these aspects remain resilient. The banking sector that is the financial sector is stable because of all the parameters with regard to banking or the non-banking lenders or the other major financial sector players.