India's GDP is within the striking distance of attaining positive growth: RBI bulletin
Published On: Thursday, January 21, 2021 | By: Team KnowMyStock
India's GDP is within the striking distance of attaining positive growth, the Reserve Bank said. The Indian government launched the world's biggest vaccination drive on January 16 to protect people from COVID-19. "What will 2021 look like? The shape of the recovery will be V-shaped after all and the 'V' stands for the vaccine," said an article on the 'state of the economy' in the RBI's January Bulletin. India has launched the biggest vaccination drive in the world, backed by its comparative advantage of having the largest vaccine manufacturing capacity in the world and a rich experience of mass inoculation drives against polio and measles. "If successful, it will tilt the balance of risks upwards," said the authors who among others include RBI Deputy Governor Michael Debabrata Patra.
The RBI, however, said the views expressed in this article are those of the authors and do not necessarily represent the views of the central bank.
E-commerce and digital technologies will likely be the bright spots in India's recovery in a world in which there will be rebounds for sure, but pre-pandemic levels of output and employment are a long way off, they said.
With rabi sowing surpassing the normal acreage way before the end of the season, bumper agriculture production is expected in 2021.
"It will take years for the economy to mend and heal, but innovative approaches can convert the pandemic into opportunities. Will the Union Budget 2021-22 be the game-changer?," it said.
Tags: India'GDP RBI Covid-vaccine
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