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RBI calls for deep-seated, wide-ranging reforms for sustainable growth | RBI said India needs deep and comprehensive reforms for sustainable growth, warns of falling growth rate

Photo: THE PRINT

RBI calls for deep-seated, wide-ranging reforms for sustainable development

new Delhi. The Reserve Bank of India has said that India needs deep and comprehensive reforms to return to the path of sustainable growth amid the Kovid-19 epidemic. The central bank has warned that the potential growth rate of the country will come down due to this epidemic. The Reserve Bank has stated in its assessment and prospects that the Kovid-19 epidemic has severely broken the global economy. The size of the global economy in the future will depend on how the epidemic spreads, how long the epidemic lasts, and how long the vaccine is to be treated.

The assessment and prospects of the central bank are part of the annual report for 2019-20. The Reserve Bank said that one thing that is emerging is that the world after Kovid-19 will change and a new normal life will emerge. The Reserve Bank said that the post-pandemic scenario would require deep and comprehensive reforms. Extensive reforms will be required from the product market to the financial market, legal framework and international competition front. Only then can you overcome the decline in growth rate and take the economy on the path of strong and sustainable growth with macroeconomic and financial stability.

The Reserve Bank said that like the rest of the world, the prospects of possible growth in India will be weak. In the post-Kovid-19 scenario, it would be difficult to sustain the growth achieved by stimulus packages and regulatory concessions, as the incentives would then be removed. The Reserve Bank said that the recovery in the economy will also be different. The global financial crisis was followed by several years of rapid growth and macroeconomic stability. At the same time, Kovid-19 has given a shock to the economy, while it was growing at a sluggish pace for the last several quarters.

This post was published on August 25, 2020 2:46 pm

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