The Reserve Bank Of India (RBI) governor Shaktikanta Das stated today that as the financial year 2020-21 - the year of the pandemic - was drawing to a close, the Indian economy was advantageously poised, relative to peers. India was at the foothills of a strong recovery, having regained positive growth, but more importantly, having flattened the infections curve. In a few weeks since then, the situation has altered drastically. India is now fighting a ferocious rise in infections and mortalities.
New mutant strains have emerged, causing severe strains on healthcare and medical facilities, vaccine supplies and frontline health personnel. The fresh crisis is still unfolding. India has mounted a valiant defence, domestically and globally, to ramp up vaccines and medical support, and save lives. The RBI governor said that the central bank will work in close co-ordination with the Government and is committed to go unconventional and devise new responses as and when the situation demands. The central bank must remain resolutely focused on a post pandemic future of strong and sustainable growth with macroeconomic and financial stability.
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