RBI Governor Shaktikanta Das on Wednesday assured the business that the central financial institution will take all necessary measures to guarantee liquidity within the system and promote financial progress. Indian economic system contracted 23.9 per cent within the first quarter of the present monetary 12 months.
Addressing a digital convention organised by business physique Ficci, Das mentioned that Gross Domestic Product (GDP) knowledge launched by the federal government was a “reflection of the ravages of the COVID-19”.
Observing that the financial recovery was not but absolutely entrenched, the RBI Governor mentioned recovery is probably going to be gradual.
“The recovery is, however, not yet fully entrenched and more over in some sectors the optics which was noticed in June and July, they appear to have levelled off… by all indications, the recovery is likely to be gradual as efforts towards reopening of the economy are confronted with increasing infections,” he mentioned.
As per authorities knowledge, GDP through the April-June quarter contracted 23.9 per cent on account of the strict lockdown imposed by the federal government in direction of finish of March to test the unfold of coronavirus infections.
In his tackle, Das spoke concerning the initiatives taken by the central financial institution to ease the liquidity scenario and make obtainable funds to the companies impacted by the pandemic and subsequent lockdowns.
The Governor additionally assured the business that “RBI is battle ready… whatever measures are required will be taken by the RBI” to assist the business and companies to come out of the COVID-19-induced disaster. Further, he requested companies to capitalise on the brand new alternatives created by the pandemic on the world degree.
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