Indian economy resilient in face of global headwinds, says RBI Governor

Amid global shocks and challenges, the Indian economy presents a picture of resilience and the regulators are ready to take appropriate actions to preserve financial stability, RBI Governor Shaktikanta Das said on Thursday.

In his foreword to the 26th Financial Stability Report (FSR), Das said the international economic order stands challenged and financial markets are in turmoil due to monetary tightening in most parts of the world.

Food and energy supplies and prices are under strain, debt distress is staring at many emerging market and developing economies, and every economy is grappling with multiple challenges, he said.

"Amidst such global shocks and challenges, the Indian economy presents a picture of resilience. Financial stability has been maintained. Domestic financial markets have remained stable and fully functional. The banking system is sound and well-capitalised," Das said.

In spite of formidable global headwinds, he said that India's external accounts remain ...