FICCI National Executive Committee Meeting: The economic recovery is likely to be gradual as COVID-19 impact still unfolding, RBI Governor Shaktikanta Das said.

The country’s economic recovery is likely to be gradual as the country is still reeling from the impact of coronavirus (COVID-19), RBI Governor Shaktikanta Das said on Wednesday.

Addressing the FICCI National Executive Committee Meeting, the central bank chief said that the economic recovery is not fully entrenched. He added that the GDP data for the first quarter (Q1) was a telling reflection of how COVID-19 affected the economy.

Persistently large liquidity infusion by RBI has ensured large borrowing by the government at a low rate and in a non-disruptive manner, the RBI governor said.

Das also said that the Indian central bank stands battle-ready to take whatever steps that are needed to be taken for the economy.

He said that the central bank’s efforts have led to the softening of bond yields. Das also said that the RBI is very carefully monitoring the markets and will take further actions as and when required.

More to follow

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Source: Read Full Article