Shaktikanta Das, Governor, Reserve Bank of India has noted in a speech today that while the global economy has managed to hold its ground in the highly stormy weather of the last few years, clouds of uncertainties still loom on the horizon. Policymaking in this environment of heightened uncertainty is akin to driving a car through a foggy path ridden with speedbumps. These are conditions which will test the drivers patience and skill. Historical regularities are looking improbable, and policymakers are being put to test. He stated that for the countries of the Global South, maintaining overall stability which includes sustained growth, price stability and financial stability continues to be a daunting challenge. Central banks need to work towards more robust, realistic and nimble policy frameworks that use monetary, prudential, fiscal and structural policies synergistically to achieve the desired outcomes.
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