RBI (Reserve Bank Of India) Governor Shaktikanta Das while addressing the 7th Banking and Economics Conclave on Saturday said that, the Indian economy is showing signs of returning to normalcy amid gradual easing of lockdown restrictions. He said that the need of the hour now, is to restore confidence, preserve financial stability, speed up the growth rate and make a strong comeback.
He said that Indian companies and industries gave better procedures in times of crisis.
However, he added that it is uncertain how long it will take for the supply chain to be completely out and the demand situation to return to normal. It is also uncertain what kind of lasting impact this pandemic will have on our potential growth.
Das said that the targeted and detailed reform measures that the government has announced should support economic growth.
He said that in a very different world after Covid-19, possible re-allocation of factors of production within the economy and innovative ways of expanding economic activities would lead to some re-balancing and new carriers will be able to accelerate Economic growth. Das said that the Reserve Bank works to strike a balance between maintaining the banking system right and maintaining economic activities to preserve financial stability.
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