Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das said that food and energy supplies and prices are under strain, debt distress is staring at many emerging market and developing economies, and every economy is grappling with multiple challenges.

Amid continued shocks and challenges, the Indian economy is resilient, and regulators are prepared to take appropriate actions to maintain financial stability, according to RBI Governor Shaktikanta Das on Thursday.

Das stated in the foreword to the 26th Financial Stability Report (FSR) that the international economic order is under threat and financial markets are in turmoil as a result of monetary tightening in most parts of the world.

Despite significant global headwinds, he stated that India's external accounts are well cushioned and viable.

Going forward, Das stated that core issues such as climate change management, dealing with unexpected and new shocks, further strengthening financial system buffers, harnessing fintech innovations, and deepening financial inclusion will continue to receive priority attention from regulators and policymakers.

As part of its G20 presidency in 2023, India is well positioned to play a leading role on the global stage. The Governor stated that the most difficult challenge for the G20 as a group is to re-ignite the efficacy of multilateralism.

Furthermore, Das stated that the central bank recognises the destabilising potential of global risks while drawing strength from the Indian economy's strong macroeconomic fundamentals.

"The Reserve Bank and other financial regulators remain vigilant and prepared to ensure the stability and soundness of our financial system through appropriate interventions, when necessary, in the best interests of the Indian economy," he said.

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