During the 25th FIMMDA-PDAI Annual Conference held in Amsterdam, Reserve Bank of India Governor Sanjay Malhotra discussed the resilience of India's financial markets amid global uncertainties. He noted that the Indian economy has been one of the fastest-growing major economies since the pandemic, achieving an average growth rate of 8.2% from 2021 to 2025. The RBI Governor projected a growth rate of 7.6% for the fiscal year 2025-26 and 6.9% for 2026-27, supported by strong macro fundamentals and structural reforms.

Malhotra highlighted the importance of deepening liquidity, broadening market participation, and strengthening market infrastructure for the next phase of growth. He outlined several measures taken by the RBI to enhance market efficiency, including the introduction of total return swaps on corporate bonds and the expansion of central clearing for foreign exchange forwards. Additionally, he mentioned that foreign exchange reserves currently cover 11 months of imports, with gross Foreign Direct Investment (FDI) expected to reach approximately USD 90 billion in 2025-26.

The Governor emphasized the necessity for banks and primary dealers to ensure fair and inclusive access to liquidity facilities for all market users while acknowledging their privileged access. He identified five key areas for improvement, including enhancing liquidity across government securities and expanding the usage of the Foreign Exchange Retail platform for retail users.