‘GDP a reflection of ravages of COVID-19’: RBI Guv Shaktikanta Das says economic recovery likely to be gradual

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‘GDP a mirrored image of ravages of COVID-19’: RBI Guv Shaktikanta Das says financial restoration prone to be gradual

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The RBI governor stated the Indian central financial institution stands battle-ready to take no matter steps which might be wanted to be taken for the economic system

New Delhi: Reserve Financial institution of India (RBI) Governor Shaktikanta Das on Wednesday assured the business that the central financial institution will take all crucial measures to make sure liquidity within the system and promote financial development.

Indian economic system contracted 23.9 p.c within the first quarter of the present monetary yr.

Addressing a digital convention organised by business physique Ficci, Das stated that Gross Home Product (GDP) knowledge launched by the federal government was a “reflection of the ravages of the COVID-19”.

Observing that the financial restoration was not but absolutely entrenched, the RBI Governor stated restoration is prone to be gradual.

“The restoration is, nonetheless, not but absolutely entrenched and furthermore in some sectors the optics which was observed in June and July, they seem to have leveled off… by all indications, the restoration is prone to be gradual as efforts in direction of reopening of the economic system are confronted with growing infections,” he stated.

As per authorities knowledge, GDP through the April-June quarter contracted 23.9 p.c on account of the strict lockdown imposed by the federal government in direction of the tip of March to verify the unfold of coronavirus infections.

In his deal with, Das spoke in regards to the initiatives taken by the central financial institution to ease the liquidity scenario and make out there funds to the companies impacted by the pandemic and subsequent lockdowns.

The Governor additionally assured the business that “RBI is battle-ready… no matter measures are required shall be taken by the RBI” to assist the business and companies to come back out of the COVID-19-induced disaster.

Additional, he requested companies to capitalise on the brand new alternatives created by the pandemic on the international degree.

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