Mumbai: Recently, Reserve Bank of India (RBI) Governor Shaktikanta Das has said, "If the Covid-19 epidemic spreads again, it could adversely affect the recovery that is showing in the economy." Recently Deputy Governor Michael Debavrat Patra said, "The loss of production due to the Corona epidemic can take years to recover." All this was said in the meeting of the newly formed Monetary Policy Committee (MPC) held from 7 to 9 October.
During this period, a newly appointed independent member in the committee Shashank Bhide said that 'uncertainties related to the Covid-19 epidemic will continue to have an impact on the growth rate and inflation scenario in the next two to three quarters'. According to the release details of the meeting of the Monetary Policy Committee (MPC) on behalf of RBI, Das said, "There is scope for policy rate cuts, but further steps in this direction will depend on the emerging situation on the inflation front, which is currently running above the satisfactory level of the central bank. I believe that if inflation stays in line with our expectations, there will be scope for policy rate cuts in future. There is a need to use this scope thoughtfully to support improvement in economic growth. ''
According to the Reserve Bank, gross inflation may moderate in the second half of the current financial year. It is expected to decrease further in the first quarter of the next financial year. Talking about the increase, Das said, "However, there are also some uncertainties that may prevent the wheel of early revival." It is expected to increase again mainly in cases of Covid-19. Private investment activities may remain soft despite an improvement in the domestic financial situation. However, the domestic financial situation has improved. ''
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