Mumbai: The recent “gloom and doom” in India is overdone as the medium-term fundamentals of the economy remain strong, Reserve Bank of India Governor Raghuram Rajan said on Wednesday.
“We certainly do not need false optimism... but all the doom and gloom is probably overdone,” Rajan said, addressing a media conference shortly after taking charge at the Mint Street here from Duvvuri Subbarao.
He said the economy was passing trough challenging times, but it should not be called a crisis.
“These are not easy times, and the economy faces challenges. At the same time, India is a fundamentally sound economy with a bright future,” he said.
“Our task today is to build a bridge to the future, over the stormy waves produced by global financial markets. I have every confidence we will succeed in doing that,” he added.
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