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Economy on cusp of a turnaround in fortunes: Shaktikanta
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SME Times News Bureau | 25 Feb, 2021
India is on the cusp of a turnaround in fortunes as the caseload of
Covid-19 declined in the country along with emergence of post-pandemic
opportunities in several sectors, Reserve Bank Governor Shaktikanta Das
said on Thursday.
Addressing the Bombay Chamber of Commerce and
Industry, he said: "Overall, we are on the cusp of a turnaround in
fortunes. In contrast to the rest of the world, the caseload of Covid-19
in India has declined and it is crucial for us to consolidate this
decline and capitalise on the success that has been hard-earned."
"The
infection caseload in some parts of the country is, however, again
creeping up. We need to stay vigilant and steadfast, and on our toes."
Besides,
Das cited the emergence of post-covid opportunities in India in seven
key areas such as manufacturing and infrastructure, micro, small and
medium enterprises, technology and innovation, health, free trade
agreements, and services exports.
On the FTAs, he said: "While
designing future FTAs, India's experience with FTAs can be a significant
guidepost. Key considerations should be to identify countries and
regions that not only have the potential as a market for domestic goods
and services but also have the scope to enhance domestic
competitiveness, especially in sectors covered under the PLI scheme."
"The
post-Brexit scenario offers a greater scope for having separate trade
agreements with the UK and the European Union. FTAs with these economies
can boost not only the bilateral trade and investment relations but may
also pave the way for greater collaboration in the areas of scientific
research and climate change."
Furthermore, he said that due to
favourable demographic dividend, Africa also offers immense potential
for exports and investment from Indian firms.
In terms of India's
fiscal and monetary policy responses during the Covid-19, the RBI
Governor said: "Unlike many central banks, the RBI's asset purchases did
not dilute its balance sheet and hence, did not compromise on core
principles of central banking. These purchases were confined to
risk-free sovereign bonds only."
"The focus was to foster congenial financing conditions without jeopardising financial stability."
In
addition, he said that forward guidance gained prominence in the
Reserve Bank's communication strategy to realise cooperative outcomes.
"Our
commitment to ensure ample liquidity conditions supportive of recovery
dispelled illiquidity fears and bolstered market sentiments. We will
continue to support the recovery process through the provision of ample
liquidity in the system, while maintaining financial stability."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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