Coronavirus Pandemic: Governor of Reserve Bank of India (RBI) in an effort to put the Corona virus epidemic on track Shaktikanta Das Has said that the Reserve Bank is fully prepared for whatever steps will be required for the betterment of the economy. Addressing a program of industry organization FICCI on Wednesday, he said that the improvement in the economy has not yet reached full pace, it will progress slowly. He asked the private sector to go ahead and contribute to increase the pace of improvement in the economy.
23.9% drop in India's GDP in April-June quarter
Das said that the continuous availability of large amounts of cash by the RBI has ensured large-scale borrowing for the government at a low rate and without any hassle. This is the first time in the last decade that the borrowing cost has come down so much. He said that the government's borrowing cost has remained very low due to the availability of excessive cash and bond yields are at the low of the last 10 years.
The Governor of the Reserve Bank said that the GDP figures indicate a Covid-19 Pandemic on the economy. He has asked the private sector to play an important role in research and innovation, food processing and tourism sector to speed up the economy after Kovid-19. He has said that there is a huge potential in the tourism sector and the private sector should take advantage of it.
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