Monday 18th of January 2021

Follow Us

Breaking News

Economic recovery stronger than expected, need to be watchful of demand sustainability: Shaktikanta Das

 MUMBAI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said the country’s economy has recovered stronger than expected from the initial impact of the COVID-19 pandemic

 

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said the country's economy has recovered stronger than expected from the initial impact of the COVID-19 pandemic, but there is a need to be watchful of demand sustainability after the end of festivities.

 

Speaking at the annual day event of Foreign Exchange Dealers' Association of India (FEDAI), Das said there are downside risks to growth across the world and also in India.

 

It can be noted that the Indian economy contracted by 23.9 per cent in the first quarter of the fiscal year, and the RBI expects the economy to shrink by 9.5 per cent in FY21. However, there has been recovery after the opening up of the lockdown restrictions, especially during the festive season.

 

After witnessing a sharp contraction in the economy by 23.9 per cent in Q1 and a multi-speed normalisation of activity in Q2, the Indian economy has exhibited stronger than expected pick-up in momentum of recovery, Das said.

 

 

 Even as growth outlook has improved, downside risks to growth continue due to recent surge in infections in parts of Europe and also in parts of India, he said.

 

We need to be watchful about the sustainability of demand after the festivals and a possible reassessment of market expectations surrounding the vaccine, he said.

 

Das said regulatory reforms have moved the financial markets to the next trajectory amid the pandemic and affirmed RBI's commitment to ensure an orderly conduct in the markets.

 

He also said that India will continue to approach capital account convertibility as a process, rather than as an event within a broad macroeconomic framework.

Related Business News

Indian Railways participates in the largest Vaccination Drive against COVID 19

 (Fast Mail News) - Indian Railways participated in the largest vaccination programme against COVID 19.   After the address and inauguration of the largest vaccination drive in history by the  Prime Minister, vaccination programme started today in Northern Railway Central Hospit....

Angul MP,MLAs boycott RPDAC meeting over non-execution of works

 Angul: MLAs and MP of Angul district boycotted the much-awaited most important 9th RPDAC (Rehabilitation & Periphery Development Advisory Committee) meeting on Tuesday chaired by Northern Division RDC Niranjan sahoo  alleging non-implementation of RPDAC dictates’.   The me....

First direct flight between Kalaburagi to Tirupati flagged off under UDAN

 (FastMail) - Taking another step in boosting the regional aerial connectivity in India, Star Air today commenced the direct daily flight operations from Kalaburagi, Karnataka to Tirupati, Andhra Pradesh under the RCS-UDAN (Regional Connectivity Scheme – Ude Desh Ka Aam Nagrik) of Governm....

Blue Economy is going to be an important source of AatamnirbharBharat: PM

 Development of the coastal areas and welfare of hardworking fishermen is one of the important priority of the Government: PM (FastMail) -The Prime Minister, Narendra Modi has said that the development of the coastal areas and welfare of hardworking fishermen is one of the important priority o....

Reliance goes court against mobile towers vandalism

 (FastMail) - Reliance Industries Limited (RIL), through its subsidiary Reliance Jio Infocomm Limited (RJIL), in a petition mentioned to be filed in the Honourable Punjab and Haryana High Court , has sought the urgent intervention of Government authorities to bring a complete stop to the illega....

Links
Contact
Editor :
Jagadananda Pradhan
Email :
fastmailcc@gmail.com
news@fastmail.news
Ph : (+91)6764295999
Contact Us
© 2021 Fast Mail Media Pvt Ltd. All Rights Reserved.
Developed by : FM Media Pvt Ltd.