The RBI Governor said that the Reserve Bank is taking all measures to relieve the pressure of important sectors affected by the second wave. Also, it is committed to take steps for the availability of cash in an effective manner.
Reserve Bank of India Governor Shaktikanta Das has stressed on the need for policy support from all sides – fiscal, monetary and various sectors – to drive the revival of the economy hit by the second wave of the corona virus epidemic. Das said that given the adverse impact on the economy due to the second wave of the pandemic in April and May, there is a need to continue with monetary measures to support and make the economic revival sustainable.
According to RBI, overall the second wave of COVID-19 has changed the near-term scenario and policy support is needed from all sides – fiscal, monetary and various sectors to accelerate the economic revival and bring it back on track. .
Vaccination needs to be accelerated
The RBI Governor said that in the coming times, the pace of vaccination and the speed with which we can control the second wave, will affect the scope of economic growth as well as inflation. Vaccination has gained momentum in the last few days, which will have to be increased further.
Focus on increasing cash in the market
The RBI Governor said that the Reserve Bank is actively taking traditional and non-traditional measures to relieve the pressure of critical sectors affected by the second wave. Also, it is committed to take steps for the availability of cash in an effective manner. With the increase of cash in the market, many types of problems will be solved.
Therefore the interest rate is not being increased
The MPC has worked to maintain the necessary conditions to support growth by keeping the policy rate at an all-time low. RBI Executive Director Mridul K Sagar said that it is a matter of relief that the growth rate does not seem to come down as much in the first quarter as it did in the first quarter of the last financial year 2020-21. He said it is possible that the initial GDP (Gross Domestic Product) growth projections may not fully explain the situation and the impact on the unorganized sector may be deep.
( language input )
read this also: Jio made another record, got the most customers in March, leaving behind Airtel and Vi
read this also: Big news about 6th Pay Commission, all rules will be applicable from 1st July, benefit will be available from 1st January 2016