Indian economy will take 15 years to overcome Covid losses, says RBI report. Here are the key takeaways.
India Today
The RBI Report on Currency and Finance (RCF) released on Friday states that it will take the Indian economy 15 years to make up for the losses incurred due to the pandemic.
The Reserve Bank of India on Friday released the Report on Currency and Finance (RCF) for the year 2021-22. The report stated that it will take the Indian economy 15 years to make up for the losses incurred due to the pandemic.
The latest RBI report paints a grim picture of the Indian economy. The theme of the report is ‘Revive and Reconstruct’ in the context of nurturing a durable recovery post-Covid and raising trend growth in the medium-term.
According to RBI, the country now needs to focus on seven wheels of economic progress - aggregate demand, aggregate supply, institutions, intermediaries and markets, macroeconomic stability and policy coordination, productivity and technological progress, structural changes and sustainability.
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The report states that for the country to hop on to a strong and sustainable growth path, price stability is a necessary precondition.
Reducing general government debt to below 66 per cent of GDP over the next five years is important to secure India’s medium-term growth prospects.
The report puts emphasis on providing opportunities for entrepreneurs and businesses.
