'India expected to project sharp turnaround in FY 21-22,' says RBI Governor quoting IMF

Reserve Bank of India (RBI) Goverr Shaktikanta Das on Friday in his video briefing said that India is estimated to have highest growth among G20 countries and is amongst handful of countries to have positive GDP growth as per International Monetary Fund (IMF). Das said that  macroecomic situation has deteriorated and  global ecomy may plunge into worst recession since great depression.

'Light still shines through bravely'

He ded that India is expected to show a sharp turnaround post COVID-19 crisis in FY22 with 7.4% growth as per IMF.  RBI Goverr said, "On April 14, International Monetary Fund (IMF) released its global growth projections revealing that in 2020, global ecomy is expected to plunge into worst recession since ' Great Depression'. Since March 27, macroecomic and financial landscape has deteriorated precipitously in some areas, but light still shines through bravely in some ors."

"For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percent points for global GDP. India is expected to post a sharp turnaround and resume its pre-COVID, pre-slowdown trajectory by growing at 7.4% in 2020-21. IMF Ecomic Counsellor has named it ' Great lockdown' estimating cumulative loss to global GDP over 2020-21 at around 9 trillion US dollars, which is greater than ecomies of Japan & Germany combined."

In his dress, RBI goverr thanked people involved in essential services. He anunced that RBI has cut reverse repo rate from 4% to 3.75% and has provided Rs 50,000 cr special finance facility to financial institutions such as Nabard, Sidbi, NHB. RBI dress comes a day after Prime Minister Modi met Finance Minister Nirmala Sitharaman to discuss ecomic situation in country following prolonged lockdown due to coronavirus pandemic.

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Watch his full dress here:

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