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COVID-19 affected poor more in developing countries: RBI governor

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There are signs that the world is coming out from the impact of the COVID-19 pandemic and global trade is vital for economic recovery, Reserve Bank
of India (RBI) Governor Shaktikanta Das said at the 48th AIMA National Management Convention.
“Global recovery has been uneven across countries and sectors. Advanced economies have normalized faster on the back of a higher pace of vaccination and larger policy support. Emerging and developing economies lagging due to slow access to vaccines and binding constraints on policy support”, news agency ANI quoted RBI governor as saying.
He said that COVID-19 is a watershed event in our era and it has caused widespread devastation of livelihoods. There are very few parallels to this shock.
“The pandemic is likely to leave indelible marks on the world economy,” Das said, adding that it has affected the poor and the vulnerable more in developing countries.
“Multilateralism will lose credibility if it fails to ensure equitably access to vacancies across countries. If we can secure health and immunity of poor, we would've made a great leap towards inclusive growth”, RBI governor said.
He also said the Production linked incentive (PLI) 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.
Das stressed that there is a need to increase investment in healthcare, infrastructure for sustainable growth post-pandemic.
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There are signs that the world is coming out from the impact of the COVID-19 pandemic and global trade is vital for economic recovery, Reserve Bank of India (RBI) Governor Shaktikanta Das said at the 48th AIMA National Management Convention.
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