Reserve Bank of India (RBI) Governor Shaktikanta Das, who was trying to get the Corona virus epidemic back on track, said on Wednesday that the Reserve Bank is fully prepared for whatever measures will be needed for the betterment of the economy. . Addressing a program of industry organization FICCI, he said that the improvement in the economy has not yet reached full pace, it will progress slowly. He called upon the private sector to move forward and contribute to accelerate the recovery of the economy.
Das said that the continuous availability of large amounts of cash by the RBI has ensured large-scale borrowing at a low rate and without any hassle for the government. This is the first time in the past decade that borrowing costs have come down so much. He said that the government’s borrowing cost remains extremely low due to the availability of excessive cash and bond yields are currently at a low level in the last 10 years.
Private sector will have to play an important role
The RBI governor said the GDP data indicated an outbreak of Kovid-19 on the economy. The Reserve Bank Governor has asked the private sector to play an important role in research and innovation, food processing and tourism sector to accelerate 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.