Reserve Bank of India Governor Shaktikanta Das said that India "can become the new growth engine for the world". At the start of his monetary policy speech, Governor Das said, “Our economy has continued to grow at a reasonable pace, becoming the fifth-largest economy in the world and contributing around 15 percent to global growth.” He said India has also made “significant progress” towards controlling inflation and added that the country’s banks remain “healthiest in more than a decade” with historically high levels of capital, declining levels of non-performing assets and rising profitability.

“Overall, India’s strong macroeconomic fundamentals have laid the foundations for sustainable growth,” he said. He expressed the need to continue with efforts to maintain macro-financial stability while “pushing our growth frontier” further. “India is uniquely placed to benefit from the ongoing transformational shifts in the global economy in the wake of geopolitical realignments and technological innovations,” Governor Das said.

He went on to add that India is a large economy “marching ahead with vast domestic demand, untapped resources and demographic advantages”. “India can become the new growth engine for the world,” he added. Meanwhile, Governor Das said the RBI's Monetary Policy Committee has decided to keep the key repo rate unchanged at 6.50 percent while maintaining the "withdrawal of accommodation" stance. "After detailed deliberations on all relevant aspects, the MPC decided unanimously to keep the policy repo rate unchanged at 6.50 percent," Das said.