Reserve Bank Governor Shaktikanta Das on Wednesday said inflation has moderated, and the next print is expected to be lower than 4.7 per cent though there is no room for complacency and the war on inflation will continue.

Retail inflation fell to an 18-month low of 4.7 per cent in April, mainly due to cooling food prices.

“Inflation has moderated (and) the last print is 4.7 per cent. Perhaps the next print could be lower,” he said while addressing CII members here.

The governor, however, emphasised that although inflation has moderated, there is no room for complacency.

He said that inflation was looking benign, but the sudden outbreak of the Russia-Ukraine war changed the situation, resulting in a disruption in the global supply chain and firming up global commodity prices.

He assured that the war against inflation is not over and the RBI will remain alert to evolving situations.

Drawing confidence from macroeconomic stability, Das said there is a platform for supporting domestic growth.

Talking about macroeconomic stability, he said inflation has moderated, there is sustained GDP growth, and Current Account Deficit is manageable.

He also said that the fiscal deficit is on a consolidation path.

“So, on the back of macroeconomic stability and a robust financial sector...

The percentage of gross non-performing assets of the banking sector at the systemic level was 4.4 per cent at the end of December 2022,” he noted.

So, he said, the non-performing asset, which was a huge challenge for the Indian banking sector, has come down, and it is showing very good signs of resilience.

Besides, he said, credit offtake in banks also is remaining quite resilient, and it is 15.5 per cent as per the latest figure.