Stimulus package so far only an interim announcement: RBI's Gurumurthy

Says Covid stort has not ended, wikl be able to assess total damage once disease is managed and then determine the kind of relief needed

The stimulus package announced by the government was only an interim announcement, said Swaminathan Gurumurthy, Director, Central Board, Reserve Bank of India, Director, Central Board, Reserve Bank of India, on Tuesday. 

“Our stimulus is not final because the story of Covid has not ended…it is only thereafter (when Covid is managed) that we will be able to assess the total damage and only then we can say what is the kind of relief that is needed and how far it will go,” Gurumurthy said at a special e-session organised by the Bharat Chamber of Commerce on Tuesday.  

Gurumurthy said, Covid situation could be brought under control by August or September this year.

The economic revival would be fast, once this pandemic is brought under control, he added.

“I see a huge shift to India...growth in India will be faster not just because of local factors, which is likely to be slow, but due to global factors and this would start reflecting slowly from the fourth quarter of this fiscal and will witness a disproportionate increase from the first quarter of next fiscal,” he pointed out.