(Aditya Shaw, Intern Journalist): According to the estimates so far in the country’s GDP this year, a contraction of 10-12 percent is certain. Many reports have expected that it will show positive growth in the next financial year (2021-22). Regarding the growth, Michael Patra, member of the Reserve Bank’s Monetary Policy Committee, said that the loss of momentum in the Indian economy may take several years to recover.
He said that the world and economy after Corona would be completely different. There will be a lot of change in social and commercial behavior. Overall, the economy will improve but structural changes will be seen in every respect. In such a scenario, the graph of post covid development will also be prepared differently.
Earlier this month, the Reserve Bank’s Monetary Policy Committee met. For the second time in a row, the Reserve Bank retained the repo rate at 4 percent. However, Governor Shaktikanta Das said that we are ready for a rate cut. In the coming time, if the interest needs to be cut, then this step will be taken.
In India, fears about the second web of Corona continue to dominate. Lockdown has been implemented once again in countries like Europe, Israel, Indonesia. A central committee recently said that at least half of India’s 130 crore people will become corona by February 2021. So far, more than 7.5 million cases of corona virus have been reported in India. In terms of total infection, India ranks second in the world after America. This situation is not good for the economy.
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