New Delhi: Deputy Governor Michael Patra said on January 28 that the Reserve Bank of India (RBI) is dedicated to reviving and maintaining growth and continuing to offset the impact of COVID-19 on the economy while keeping inflation within goal.
Patra spoke at the CD Deshmukh Memorial Lecture, hosted by the Council for Social Development in Hyderabad, about how the RBI's policies have helped to engineer the Indian economy's turnaround, which has been aided by increased financial inclusion and digitalisation.
"We're on track to become one of the world's fastest-growing economies, but there's still a long way to go. Private consumption and investment are still in the early stages of development. The issue of restoring livelihoods and reviving MSMEs is one that must be tackled straight on "Patra remarked. The MPC's mandate is to control inflation within a 2 percent to 6% range.
Since the outbreak of the epidemic, the RBI has taken a number of steps, including declaring special liquidity measures for various sectors of the economy and maintaining an accommodative monetary policy to signal to the markets that the RBI is committed to supporting growth.