India will post sharp turnaround and grow at 7.4%: RBI Governor

Chennai: Reserve Bank of India (RBI) Governor Shaktikanta Das today said that for 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP.

Speaking to the media he said, “India is expected to post a sharp turnaround & resume its pre-covid, pre-slowdown trajectory by growing at 7.4 per cent in 2020-21.”

Stating that humanity is facing the trial of its time, as COVID-19 grips the world with its deadly embrace, he said, ‘In this kind of environment Reserve Bank of India (RBI) has been very proactive and monitoring the situation closely.’

He said that on 14 April, International Monetary Fund (IMF) released its global growth projections revealing that in 2020, the global economy is expected to plunge into the worst recession since ‘The Great Depression’.

He said since 27 March, the macroeconomic and financial landscape has deteriorated precipitously in some areas.

He added: “But light still shines through bravely in some others: Reserve Bank of India (RBI) Governor Shaktikanta Das.”

 

NT Bureau