New Delhi. Reserve Bank of India Governor Shaktikanta Das said that after the corona virus epidemic, there is a need to increase investment in health facilities and infrastructure sector to increase the pace of economic growth. In addition, reforms in labor and product markets need to be pursued. He advocated for increasing investment in health education, infrastructure facilities in the digital sector for economic growth and creating new employment opportunities.
RBI Governor Das said at AIMA’s 48th National Management Convention that economies around the world are showing signs of recovery from the Corona crisis. He said that the corona epidemic is one of the worst incidents of our era. It has caused huge destruction all over the world. It has caused damage to life and property and means of livelihood around the world. There are very few examples of such crisis in the world. Also said that this epidemic has left deep wounds on the global economy. Due to this, the poor and deprived sections of the society have been affected the most in emerging and developing countries.
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Changes in the financial system as needed
Das said that India’s financial system has changed rapidly according to the need. The recovery in the economy after Corona has not been uniform. The Production Linked Incentive Scheme (PLI) plays an important role in promoting manufacturing in the country. It is necessary that the companies and sectors coming under the purview of this scheme should make good use of it to improve capacity. He also said that in the post-Corona situation better technology will be needed. He said that our effort should be to ensure sustainable and sustainable growth after the pandemic. In the coming times, it will be important to bring private consumption on a sustainable track.
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Playing an important role in NBFC funding channel
According to the RBI governor, so far banks have played the role of the basic foundation of credit in the country. Now NBFCs are also playing an important role in the funding channel of the country. Non-banking financial intermediaries such as NBFCs and mutual funds are seeing steady growth in assets. Along with this, there is also an increase in funding from market instruments like corporate bonds. This is a sign of maturity in the financial system of the country.
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Economic growth must go ahead with reforms
According to Shaktikanta Das, the most important thing is that economic growth should go ahead with medium-term investments, strong financial system and structural reforms. For this, investments in healthcare, education, innovation, physical and digital infrastructure need to be accelerated. We must continue to reform labor and product markets to encourage competition and mobility, and to take advantage of the opportunities created by the pandemic.
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