Business Desk, Tech for FTCP, New Delhi
Updated Wed, 16 Sep 2020 12:01 PM IST
RBI Governor Shaktikanta Das
– Photo: PTI
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Addressing the meeting of the National Executive Committee of FICCI, the central bank chief said that the economic recovery has also not taken place completely. Das said that GDP figures indicate an outbreak of the Corona virus epidemic on the economy.
This is the first time in the past decade that borrowing costs have come down so much. He said that the government's borrowing cost remains extremely low due to the availability of excessive cash and bond yields are currently at a low level of the last 10 years.
Education policy is historical
Not only this, he also said that education contributes to the economic development, in such a new education policy is historical and is necessary for the reforms of the new era. The private sector should play an important role in research, innovation, tourism, food processing sector in advancing the economy rapidly.
It is known that several rating agencies have predicted a decline in India's growth rate in the current financial year. In such a situation, this statement of RBI is very important. The Asian Development Bank (ADB) has forecast a nine per cent decline in the Indian economy in the current financial year. S&P Global Ratings also lowered India's growth forecast for 2020-21 to a negative nine per cent. Moody's has forecast a decline of 11.5 per cent in the Indian economy and 10.5 per cent in the current financial year. However, Goldman Sachs estimates that the Indian economy will decline by 14.8 percent in the current financial year.