'India passing through good time as GDP at 8 pc'

Mumbai, Apr 18: Reserve Bank of India Governor Dr Y V Reddy today observed that the country is passing through a ''good time'' now with the GDP growth at around 8 per cent and inflation below 5 per cent.

''We would like to move in a sensible manner to have stability in the economy during this good time...our policy objective is to ensure that the good time should continue uninterrupted,'' Mr Reddy told reporters after unveiling the annual policy statement for 2006-07 before the bankers here.

He said the Central Bank would consider all possible risks, both global and domestic, and prepare to take strong action as and when the situation requires.

Earlier, while addressing the top executives of banks and financial institutions, RBI Governor Dr Y V Reddy asked the bankers to focus on credit quality and financial market condition, to support export and investment demand in the economy, maintaining macro-economy, particularly for financial stability.

While RBI would ensure a conducive credit and monetary environment to enable the growth momentum, it would respond swiftly to the evolving global development, the RBI Governor said.

UNI