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Creating New Opportunities for Growth (Shri Shaktikanta Das, Governor, Reserve Bank of India - February 25, 2021 - at the Bombay Chamber of Commerce and Industry) I would begin by thanking the Bombay Chamber of Commerce and Industry for the invitation to address this eminent gathering, even if virtually the compulsive reality of the current times. My heartiest congratulations to the Bombay Chamber of Commerce and Industry for completing 184 years of successful functioning. Besides being t
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FAQ :
The main theme of the address was 'Creating New Opportunities for Growth'.
Past pandemics like the 1896 plague, 1918 Spanish flu, 1958 Asian flu, and 1974 smallpox were associated with GDP contraction or deceleration. Recovery was generally swift, except for the Spanish flu where GDP per capita took four years to recover.
Globally, governments unveiled large fiscal stimulus packages, and central banks lowered policy rates, eased collateral norms, and expanded asset purchase programmes. In India, the government announced economic packages, and the RBI introduced measures like long-term repo operations and special refinance facilities.
The Governor highlighted opportunities in manufacturing and infrastructure, Micro, Small and Medium Enterprises (MSMEs), technology and innovation, the health sector, export push, Free Trade Agreements (FTAs), and services exports.
MSMEs account for about two-thirds of the Bombay Chamber of Commerce and Industry's membership, contribute 30% to India's nominal GDP and 48% to exports, and employ about 11 crore people.
India's foreign exchange reserves saw a significant build-up, reaching US$ 583.9 billion as of February 19, 2021, an accretion of US$ 106.1 billion since end-March 2020, due to surpluses in current and capital accounts.
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