RBI's Measures Contributed Significantly In Engineering Turnaround In Indian Economy

The Reserve Bank of India or RBI's measures have contributed significantly in engineering the turnaround in the Indian economy, supported by rising financial inclusion and digitalisation, according to a Michael Debabrata Patra, Deputy Governor of RBI. He noted in a speech that India is on course to becoming among the fastest growing economies of the world, but there is far to go. Private consumption and investment are still work in progress. The restoration of livelihoods and the revival of MSMEs is a formidable task that lies ahead. The RBI remains committed to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. Patra also noted that The pandemic continues to shape the future, but the RBI remains armed and battle ready. Continuously evaluating highly volatile and uncertain conditions and remaining prepared to protect the economy from shocks, the RBI has committed all its instruments to this objective, using conventional measures and fashioning new ones, as the pandemic experience showed.

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