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7:16 am - Friday May 6, 2016

India prepared to deal with any shocks on external front: RBI

raghuram rajanAgencies, New Delhi
In the wake of worsening crisis in Iraq  which can give a push to already rising inflation, RBI Governor  Raghuram Rajan today said the Indian economy is better prepared  to deal with any shocks on the external front. ‘’I think as far as the external front goes, we are in a much better position than we were last year,’’ Dr Rajan said. Talking to reporters on the sidelines of an industry event in Mumbai, the RBI Governor said there are sufficient reserves and  the current account deficit is also low.  ‘’So I think one shouldn’t worry too much about the external side at this point,’’ he said.Talking about the inflation, Dr Rajan said the focus of the RBI will be on taming inflation. India’s wholesale price inflation (WPI) accelerated to a five-month high to 6.01 per cent in May 2014.

The Home Minister also reviewed the Cyber Crime Project  while noting that India had 916 million phone subscribers and  239 million internet users currently, he said the incidence  of cyber crime recorded in 2012 was only 3,477 crimes (2,876 under IT Act and 601 under IPC).

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