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"Indian Economy Showing Signs Of Returning To Normalcy": RBI Governor Shaktikanta Das
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India, 11 July 2020 10:44 AM GMT | Updated 12 July 2020 5:55 AM GMT
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The RBI is prioritising both growth and financial stability, and has taken multiple measures to secure the financial system and support the economy during the ongoing crisis, Das said delivering the keynote address at the 7th SBI Banking & Economics Conclave.
Following the ease in restrictions that were imposed to fight COVID-19 and the economic activities gearing up, the Indian economy is showing signs of going back to normalcy, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Saturday, July 11.
The RBI is prioritising both growth and financial stability, and has taken multiple measures to secure the financial system and support the economy during the ongoing crisis, Das said delivering the keynote address at the 7th SBI Banking & Economics Conclave.
"The topmost priority for the RBI is growth; financial stability is equally important," the governor said. "The RBI has taken several measures to protect our financial system, and support the economy in the current crisis."
"The Indian economy has started showing signs of going back to normalcy after the easing of restrictions… Building buffers and raising capital is crucial to ensure credit flows and build resilience in the financial system," Das said.
The remarks by the central bank governor comes days after Prime Minister Narendra Modi said that "green shoots" of recovery were visible in the India's economy, and that the country had gone through "deep structural reforms" and implemented "targeted" relief packages for the nation's poor amid the pandemic.
The COVID pandemic will result in "high NPAs and capital erosion, Das warned on Saturday.
Also Read: WHO Says Coronavirus Can Be Contained Through Aggressive Action, Cites Dharavi As Example
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