New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday, September 22 said that the world is seeing early signs of recovery from the impact of the coronavirus pandemic. Speaking on the sidelines of the 48th conference of the All India Association of Management (AIMA), he said the pandemic caused structural changes in the global economy and affected the poor more.
“Covid-19 is a watershed event in our era. It has caused widespread destruction of lives and livelihoods. There is little resemblance to this shock,” he said. In a session titled ‘Beyond Recovery: New Rules of the Game’, he also pointed out that the pandemic is likely to leave an indelible mark on the world economy.
Das said the pandemic has affected the poor and vulnerable more. He said that COVID-19 has affected many dynamic sectors of the economy and inspired them to adopt new digital technologies in India.
“The Covid pandemic has given a new impetus to technology-driven companies like fintech, edtech and healthtech, which are likely to see an increase in funding activity in the coming years,” Das said.
He also explained the importance of Production Linked Incentive (PLI) scheme for India. He said that this scheme is an important initiative to boost the manufacturing sector. “It is essential that sectors and companies that benefit from PLI use this opportunity to further improve efficiency.
Das said that global recovery has been uneven across countries and regions. Advanced economies have rapidly returned to normalcy due to the high pace of vaccination and large policy support. Also read: Zee Entertainment, Sony Pictures announce merger, Puneet Goenka to continue as MD & CEO of merged entity
He noted that emerging and developing economies are lagging behind because of slow access to vaccines and binding constraints on policy support. Read also: ZEEL-Sony merger: Anil Singhvi, Vallabh Bhansali explain the mega deal and what’s in it for shareholders
– With inputs from ANI.
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