India at ‘doorstep of revival process’ from COVID-19 says RBI chief Shaktikanta Das

Speaking at the launch of the book ‘Portraits of Power: Half a Century of Being at Ringside’, written by former bureaucrat and current chairman of the Finance Commission N K Singh, RBI chief Shaktikanta Das said that India is ‘doorstep of revival process’.

Many of the entities have already raised capital and others are planning to, he said, adding they would certainly do so in the coming months.

Both fiscal and monetary policy were counter-cyclical and accommodative and both were working in close symmetry, RBI chief added.

The fiscal measures taken by the government to deal with the pandemic have so far have been well calibrated and prudent, Das mentioned. “The central government has provided prudent measures to provide financial support to weaker sections and small business,” he mentioned

On stress in the banking and NBFC sector, RBI governor said, “We need to build capital buffer for banks, NBFCs to deal with stress caused by COVID-19”.

Indian economy is projected to contract by a massive 10.3% this year, according to an International Monetary Fund (IMF) forecast. The Reserve Bank of India expects the economy to shrink by 9.5% in the current financial year.

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