RBI Governor Raghuram Rajan said Global economy is in recovery mode and that there is no chance of depression.

Stating that India’s direct exposure to Greece is very limited Raghuram Rajan further maintained that Indian economy is picking up with rise in capital investments.

Addressing the press in Chennai after the RBI’s 6th Board meeting held this morning, Rajan said reviving the stalled mega projects by the Government is aiding the growth.

The monsoon situation so far is good, though it needs to be continuously monitored for assessing its impact on inflation, he said.

Focusing on Greece, Rajan said that economic crisis there would not have any direct bearing on Indian economy, as Indian exposure to Greece is very limited.

He however said, due to its bearing on foreign exchange, it may have an indirect impact.

Investors will start differentiating between different nations and realise the strength of India, he added.