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Economic Recovery Likely To Be Gradual: RBI Governor Shaktikanta Das

Economic Recovery Likely To Be Gradual: RBI Governor Shaktikanta Das

The RBI Governor was delivering the keynote address at FICCI National Executive Committee Meet.

The economic recovery in India is likely to be gradual, Reserve Bank of India (RBI) Governor Shaktikanta Das said in his address to Federation of Indian Chambers of Commerce and Industry (FICCI) this morning, while reiterating that the central bank stands battle ready to take whatever steps needed for the economy. The RBI Governor was delivering the keynote address at the National Executive Committee of the industry body.

Mr Das' remarks come days after official data showed consumer inflation in the country eased marginally in August, but remained above the central bank's target range of 4-6 per cent for the fifth month in a row. That supported views of many economists that the RBI will avoid easing monetary policy further in its scheduled, bi-monthly review, due in October. 

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The country's GDP or gross domestic product crashed a record 23.9 per cent in the April-June period, as consumer spending, private investments and exports collapsed during the world's strictest lockdown imposed in late March to curb the spread of COVID-19.

Meanwhile, the Chief Economic Adviser Krishnamurthy Subramanian had told in an exclusive interview on September 1 that coronavirus pandemic has caused an exogenous shock to India, but "the worst is behind us" and economic recovery "is clearly on",