MUMBAI, March 21 (Xinhua) -- India's central bank governor on Monday played down fears of stagflation in the country, saying he did not see inflation going over 6 percent during the forthcoming financial year 2022-23 (April-March).

       Speaking at the national council meeting of industry body the Confederation of Indian Industry, Governor of the Reserve Bank of India Shaktikanta Das said that there is no prospect of the Indian economy falling into a stagflation vortex and retail inflation is expected to moderate going forward.

       Stagflation is a scenario characterized by slow economic growth coupled with relatively high unemployment accompanied by rising prices or inflation.

       The governor admitted that the central bank has pumped in a whopping 223 billion U.S. dollars into the economy and has assured the industry that it will continue to ensure that the economy is well oiled with funds.

       India's retail inflation has risen to 6.07 percent in February, which is the second consecutive month of the current calendar year when it has crossed the 6 percent mark while the previous high was 6.26 percent in June last year.

       India's central bank has a mandate to ensure the retail inflation to remain at 4 percent with 2 percent margin on either side.

       Notwithstanding fears of imported inflation given the massive spike in commodity prices, especially crude oil, Das said the Indian economy is better placed given the high forex reserves and low current account gap.