Reserve Bank India (RBI) Governor Shaktikanta Das on Wednesday said the country is at the doorstep of economic revival on the back of accommodative monetary and fiscal policies being pursued by the RBI and the government. Das was speaking at the launch of the book 'Portraits of Power-Half a Century of Being at Ringside’, written by former bureaucrat and current chairman of the Finance Commission N K Singh.

EC indicated that ‘we are almost at the doorstep of revival process and it's very significant that the financial entities have adequate capital to support growth. Many of them have already raised capital and others are planning, and they would certainly do so in the coming months. He added, as soon as the COVID-19 pandemic set in, the RBI asked all the banks and non-banking finance companies to undertake stress tests internally. Related to the stress tests, he said, ‘I myself appealed and I have myself interacted with the banks and NBFCs and we have impressed upon them the need to build up proactively capital buffers and adequately capitalize their financial entities’ adding that ‘Capitalization would not only strengthen their inherent resilience to tide over the financial stress, but also ensure they have sufficient funds to support growth by maintaining credit flow’

When asked if there is symmetry between the fiscal and monetary policy, he said both are in an accommodative stance, both policies are working in close symmetry. In fact, both fiscal and monetary policies are today at the moment counter-cyclical.

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