The theme of RBI’s ‘Report on Currency and Finance for 2021-22’ is Revive and Reconstruction. The aim is to nurture a sustainable recovery post-COVID and accelerate trend growth in the medium term.
The RBI on Friday released a report on currency and finance for the year 2021-22, stating that it may take 12 years for the Indian economy to recover from the losses incurred during the Kovid pandemic.
It further added that the structural changes brought about by the pandemic could actually change the course of development in the medium term. The RBI also claimed that the pandemic is a turning point for the economy.
“Continued emphasis on capital expenditure by the government, promotion of digitization and increasing opportunities for new investment in sectors such as e-commerce, start-ups, renewables and supply chain logistics, in turn, may contribute to driving the trend growth during the formal shutdown. – The informal gap in the economy,” the report said.
RBI further said in the report, the pre-COVID trend growth rate works out to 6.6 per cent (CAGR for 2012-13 to 2019-20) and it stands at 7.1 per cent (for 2012-13) excluding recessionary years. CAGR). till 2016-17). The production deficit for individual years has been pegged at Rs 19.1 lakh crore, Rs 17.1 lakh crore and Rs 16.4 lakh crore for 2020-21, 2021-22 and 2022-23 respectively.
The Reserve Bank of India on Friday released the report on Currency and Finance (RCF) for the year 2021-22. The theme of the report is “Revive and Rebuild”, in the context of nurturing a sustainable recovery post-Covid and accelerating trend growth in the medium term.
The blueprint for the reforms proposed in the report revolves around the seven wheels of economic progress. aggregate supply; institutions, intermediaries and markets; macroeconomic stability and policy coordination; productivity and technological progress; structural changes; and stability.
The report said, “The pandemic is not over yet. A new wave of COVID has affected China, South Korea and many parts of Europe. However, different economies are no-COVID in some jurisdictions (eg, China). policies range from Hong Kong and Bhutan) on the one hand to relatively open borders and the removal of internal restrictions (for example, Denmark and the UK). In India, responses to the evolving situation The restriction levels are being calibrated dynamically at the local level.
(with ANI inputs)
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