1. US rules out bailout for Silicon Valley Bank, auctions reportedly underway 2. Apple CEO Tim Cook backs AR/VR headset, likely to launch this year 3. Infosys’ Mohit Joshi joins Tech Mahindra as MD and CEO

Recovering economy not immune to global spillovers: RBI guv

Spread the love

Reserve Bank’s Governor Shaktikanta Das on Wednesday said that India’s economy is on the path of recovery.

In a virtual address post the monetary policy meet, RBI Governor Das said that the Indian economy is relatively well-positioned on the path of recovery.

“But it cannot be immune to global spillovers or to possible surges of infections from new mutations including the Omicron variant.

“Hence, fortifying our macroeconomic fundamentals, making our financial markets and institutions resilient and sound, and putting in place credible and consistent policies will assume the highest priority in these uncertain times,” he said.

Claim Free Bets

Globally, he said economies are opening up and activity levels are reaching pre-pandemic levels.

“At the same time, the recurrence of Covid-19 waves in many parts of the world including the appearance of the Omicron variant, stubborn inflation and headwinds from continuing supply bottlenecks cast a shadow on the outlook.”

“Given the evolving growth-inflation dynamics across countries, monetary policy is also reaching an inflection point, keeping financial markets edgy.”

Besides, Das said that given the slack in the economy and the ongoing catching-up of activity, especially of private consumption, which is still below its pre-pandemic levels, continued policy support is warranted for a durable and broad-based recovery.

On Wednesday, the MPC of the central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks at 4 per cent.

The reverse repo rate was also kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the ‘Bank Rate’ at 4.25 per cent.



    All Posts

    Related Post

    View All

    Air pollution didn’t drop in Covid lockdown, r...

    November 18th, 2021 | THE FREE MEDIA

    Spread the loveThe drop seen in air pollution in India during the Covid-19 induced lockdown was misleading as much cleaner...

    Delhi govt withdraws new excise policy

    July 30th, 2022 | THE FREE MEDIA

    Spread the loveThe Delhi government has decided to withdraw the new Excise Policy for the time being and directed the sale...

    Covid-19 wreaks havoc in educational institutes

    May 9th, 2022 | DRISHTI SHARMA

    Spread the loveNagpur: 71 Covid-19 cases were reported on the campus of Sathya Sai Medical College in Chengalpattu on Satu...