Reserve Bank of India (RBI) Governor Shaktikanta Das said that the world is witnessing initial signs of recovery from the impact of the coronavirus pandemic.
New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday, September 22, said that the world is witnessing initial signs of recovery from the impact of the coronavirus pandemic. Speaking on the sidelines of the 48th convention of the All India Management Association (AIMA), he said that the pandemic caused structural changes in the global economy and impacted the poor more.
"Covid-19 is a watershed event in our era. It has caused widespread devastation of lives and livelihoods. There are very few parallels to this shock," he said. In the session titled ‘Beyond Recovery: New Rules of the Game’, he also pointed out that the pandemic is likely to leave indelible marks on the world economy.
Das added that the pandemic has affected the poor and the vulnerable more. He said that Covid-19 has impacted many dynamic sectors of the economy and propelled them to opt for greater adoption of new digital technologies in India.
"The Covid pandemic has provided a new impetus to technology-driven companies such as fintech, edtech and healthtech which are likely to see increased funding activity in the coming years," said Das.
He also pointed out the importance of the Production linked incentive (PLI) scheme for India. He said that the scheme is an important initiative to boost the manufacturing sector. "It is necessary that sectors and companies which benefit from the PLI utilise this opportunity to further improve efficiency.
"Das said the global recovery has been uneven across countries and sectors. Advanced economies have normalised faster on the back of a higher pace of vaccination and larger policy support.
Emerging and developing economies are lagging due to slow access to vaccines and binding constraints on policy support, he said.
- With inputs from ANI.