One-third of slowdown due to interest rate hikes: Gokarn

Reserve Bank of India (RBI) deputy governor Subir Gokarn on Tuesday said the central bank had come to a rough conclusion that about a third of the slowdown was due to interest rate hikes and the rest due to a combination of other domestic and global factors. In an interview with CNBC-TV18, Gokarn said the slowdown in growth is more due to global headwinds. “When the world economy was growing at 3-3.5% or 4% in pre-crisis years, Indian growth was close to 9%. Global growth is now much less and we have seen adjustments, so some of it is there,” the deputy governor said.

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