RBI governor Shaktikanta Das on Wednesday said the Covid-19 pandemic has worsened the economic situation in India, with the country witnessing a shift from strong economic recovery to facing a huge deprivation in the economy.
The RBI governor said that:
"The devastating speed with which the virus affects has to be matched by swift and wide-ranging actions that are sequenced, calibrated and well-timed so as to reach out to various sections including the most vulnerable,"
source: Republic World.
Amid the second wave of the COVID-19 pandemic, the Reserve Bank of India (RBI) on Wednesday announced Rs 50,000 crore liquidity for ramping up COVID-related healthcare infrastructure and services until March 2022.
RBI Governor Shaktikanta Das stated that the body was closely monitoring the COVID-19 situation and will deploy all resources for the citizens, business entities, and institutions besieged by the pandemic.
The RBI Governor further shared that even amid the second wave of the COVID-19 pandemic, they expected the forecast of a normal monsoon by IMD to sustain rural demand and overall output in 2021-22, while also having a soothing impact on inflation pressures.
It was further stated that rail freight registered a growth of over 76% yr on year in April, till collections in April suggested mobility declined but unlike abrupt halt during April 2020 and automobiles registration in April 2021 has shown moderation compared to March.