Economic recovery to be gradual, says RBI Governor Shaktikanta Das

Reserve Bank of India Governor Shaktikanta Das on Wednesday said that India’s economic recovery from the COVID-19 pandemic is likely to be gradual as attempts to reopen the economy is affected by the spike in cases, reported ANI.

While addressing the FICCI National Executive Committee Meeting, Das said, “Recovery is not yet fully entranched. In some sectors, the optic noticed in June & July appear to have levelled off. By all indications, the recovery is likely to be gradual as efforts towards reopening of the economy are confronted with rising infections.”

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According to him, the global economy suffered the sharpest decline in April-June. He said, “Global economy estimated to have suffered sharpest contraction in living memory in April-June 2020 on seasonally adjusted quarter on quarter basis. World merchandised trade estimated to have registered steep year on year decline of over 18% in 2nd quarter of 2020 calendar.”

According to PTI, Das also spoke about the initiatives that have been taken by the central bank in order to ease the liquidity situation and make funds available to the businesses that have been impacted by the pandemic and the lockdowns.

He further said, “RBI is battle ready… whatever measures are required will be taken by the RBI.”