RBI continues to mitigate COVID-19 impact on economy, ensure inflation remains within target, says Dy Governor

Reserve Bank of India (RBI) Deputy Governor Michael D Patra on Friday informed that RBI remains committed to reviving and sustaining growth on a durable basis and continues to mitigate COVID-19 impact on the economy while ensuring that inflation remains within the target.

“We are on course to becoming among the fastest-growing economies of the world, but there is far to go,” he said while delivering a virtual keynote address on ‘RBI’s Pandemic Response: Stepping out of Oblivion’ at CD Deshmukh Memorial Lecture.

“Private consumption and investment are still a work in progress. RBI remains committed to reviving and sustaining growth on a durable basis and continues to mitigate COVID impact on the economy while ensuring that inflation remains within the target,” he said.

Patra further stated that the RBI is continuously evaluating highly volatile and uncertain conditions and is always prepared to protect the economy from shocks. He stated that the RBI has committed all its instruments to this objective, using conventional measures and creating new ones, as the pandemic experience showed.

“Only time will tell whether or not India has got it right but so far, this approach has served us well and helped in charting a course into the future which is different from the world,” added Patra. 

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