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India's growth remains strong and stable despite global uncertainties, with inflation staying within the target set by the Reserve Bank of India, Shamika Ravi, Member of the Economic Advisory Council to the Prime Minister, told ANI today.
"Our growth is not just high but more importantly stable, with inflation which has remained within the threshold of what the RBI sets for inflation targeting," Ravi told ANI, adding that "there is no reason for any kind of panic" despite global upheavals. She was speaking on the sidelines of a financial literacy event organised by the National Stock Exchange and the India Habitat Centre. Ravi said India continues to monitor developments in West Asia and the ongoing Russia-Ukraine War, noting that the country has faced multiple external shocks over the past decade. "We have unfortunately in the last 10 years been subjected to all kinds of global shocks but despite that I think we are managing fairly well," she said. She said structural changes in consumption patterns are also shaping the economy. "We have a very large segment, almost 90% of urban markets where people use LPG. In rural market also that number is close to 60%. This kind of consumption pattern... makes us vulnerable to these kinds of shocks," she said, adding that there is sufficient planning in place. Ravi said financial literacy is becoming increasingly important as participation in markets rises. "You are seeing more than 100 million people now in the equity markets... each of these instruments also have inherent risks, so knowledge of that is very important," she said. She described financial literacy as a core life skill and said increasing digitisation and new financial products require better awareness and planning by individuals.An agreement between the two institutions will support regular financial literacy programmes, including a focus on senior citizens. "We do have more than 120 million people above the age of 60... while there is more risk appetite, knowledge of these risks and what really entails such financial decision-making is very important," she said. Ravi also said financial literacy efforts need to be expanded and tailored, noting that different segments require different kinds of knowledge and that understanding of financial products remains uneven. She said such initiatives can help improve awareness and support informed financial decision-making.(ANI)
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