Reserve Bank of India (RBI) governor Shaktikanta Das on Saturday said though synchronised tightening of monetary policy globally has progressively increased the risk of a hard landing or recession, India is differently placed.

Das was speaking at the annual research conference of the department of economic and policy research of the RBIon Saturday.

His comments indicate that India is unlikely to face a recession like some of the advanced economies where central banks have aggressively hiked interest rates to control inflation.

The RBI has projected real GDP growth to come in at 7 percent this fiscal.

Recently, Das said that the domestic economy remains resilient despite some challenges such as an uneven demand in urban and rural markets.

Das pointed out that since March 2020, three major shocks — the Covid-19 pandemic, war in Europe and the aggressive tightening of monetary policy across countries — have posed a very different set of challenges for economic research.

“As inflation in systemically important advanced economies turned out to be persistent rather than transitory, the third shock emanated in the form of aggressive tightening of monetary policy by the US Fed and subsequent unrelenting appreciation of the US dollar.

“Spillovers to emerging market economies, and to India, were in the form of capital outflows, depreciation pressures on currencies, reserve losses and imported inflation,” he said.