•Purane RBI Governor D Subbarao ne kaha ki India ab "Fragile Five" economies mein nahi hai, jo 2013 mein identify ki gayi thi macroeconomic vulnerabilities ki wajah se.
•Subbarao ne RBI ko advice diya ki rupee ko apna natural level dhundne do, instead of aggressive stabilization interventions ke amid depreciation pressure.
•Global crude oil prices ke high rehne ki wajah se—West Asia mein geopolitical tensions ki wajah se—Indian rupee weak ho raha hai.
•India ki improved macroeconomic stability—lower fiscal deficits aur higher foreign exchange reserves—ne help kiya hai ki country Fragile Five label se door ho jaye.
•"Fragile Five" ka term Morgan Stanley ne 2013 mein introduce kiya tha emerging markets ke liye jo US monetary policy changes se vulnerable the.
•Subbarao ne prudent fiscal aur monetary policies maintain karne ki importance par zyada zor diya taaki global challenges ke beech economic growth aur stability sustain ho sake.
Purane Reserve Bank of India (RBI) ke Governor Duvvuri Subbarao ne kaha hai ki India ab "Fragile Five" economies mein nahi hai. 2013 mein is group mein India, Brazil, Indonesia, Turkey aur South Africa the—sabke macroeconomic vulnerabilities the, kyunki current account deficit badh raha tha aur investor confidence gir raha tha.
Subbarao ne NDTV ki Gaurie Dwivedi se exclusive baat karte hue kaha ki India ki economic resilience ab aur strong ho gayi hai. Unhone highlight kiya ki country ne apne external sector, fiscal consolidation aur monetary policy frameworks ko kaafi improve kiya hai. “India ab Fragile Five ka part nahi hai,” Subbarao ne kaha, jo country ki improved economic fundamentals par confidence dikhata hai.
Is reassessment ke beech, Subbarao ne Indian rupee ke depreciation par bhi baat ki, jo recent months mein global crude oil prices ke high rehne aur West Asia mein geopolitical tensions ki wajah se pressure mein hai. Unhone RBI ko advice diya ki rupee ko apna natural market-determined level dhundne do, instead of aggressive intervention se stabilize karne ki. “Central bank ko rupee ko apna level khud find karne do,” unhone kaha, suggesting ki zyada intervention se foreign exchange markets ka natural adjustment process disturbed ho sakta hai.
Rupee ka depreciation policymakers ke liye ek growing concern ban gaya hai, especially kyunki crude oil prices $80 per barrel se upar chal rahe hain recent weeks mein—Middle East mein supply disruptions aur geopolitical risks ki wajah se. India ek major oil importer hai, isliye higher import bills face kar raha hai, jo current account deficit aur inflation par extra pressure dal raha hai. Rupee US dollar ke against is financial year mein 2% se zyada weak ho chuka hai, jo emerging markets se global capital outflows ke broader trends reflect kar raha hai amid rising US interest rates.
Subbarao ke remarks tab aa rahe hain jab Indian economy multiple headwinds face kar rahi hai—high commodity prices, tightening global financial conditions aur slowing global growth. Lekin unhone emphasize kiya ki India ki improved macroeconomic stability—lower fiscal deficits, higher foreign exchange reserves aur ek zyada credible monetary policy—ne help kiya hai ki country us vulnerability se door ho jaye jo Fragile Five ke era ki pehchaan thi.
"Fragile Five" ka term Morgan Stanley ne 2013 mein introduce kiya tha taaki emerging market economies ko describe kiya ja sake jo sabse zyada vulnerable the US Federal Reserve ke quantitative easing tapering aur resulting capital outflows ke liye. Us waqt, India ka current account deficit aur inflationary pressures ki wajah se zyada impact hua tha. Tab se India ne structural reforms implement kiye hain—Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC) aur inflation targeting ke under monetary policy mein zyada transparency.
Subbarao ke comments India ke economic trajectory par positive outlook toh dikhate hain, lekin unhone current global environment ke challenges ko bhi acknowledge kiya. Unhone prudent fiscal aur monetary policies maintain karne ki importance par zyada zor diya taaki growth aur stability sustain ho sake. “Jabki humne progress kiya hai, humein vigilant rehna hoga,” unhone kaha, indicating ki ongoing reforms aur policy discipline external shocks ko handle karne ke liye crucial hain.
In conclusion, Subbarao ki assessment India ki improved global economy standing ko highlight karti hai, lekin sath hi evolving global conditions ke beech continued vigilance ki zaroorat bhi batati hai.
