After the new Union Budget for FY 2021-22, RBI governor Shaktikanta Das has spoken for the first time. He has projected a Gross Domestic Product (GDP) growth of 10.5% for this fiscal year. He also said that the has provided impetus to health and infra structure.
Talking about inflation, RBI Governor said, “Government to review inflation target for RBI by March 2021 and also our policy for inflation targeting has worked well. Vegetables’ prices are likely to remain soft in near term and inflation to be revised to 5.2% in 4th quarter of FY 21-22”.
With regard to economic recession RBI Governor said, “Indian economy is poised to move only in one direction that is upward; to see undoing of damage done by COVID-19 in FY’22.
Then RBI governor talked about various policies, he said “Stance of liquidity management continues to remain accommodative in line with monetary policy. RBI will ensure government’s market borrowing programme functions in non-disruptive manner. RBI to allow retail investors to directly access G-sec market and India joins select countries allowing such arrangements”.
Today RBI has taken many decisions for upcoming FY’21-22:-
1. RBI extends deadline for meeting capital conservation buffer of 0.625% till October 2021.
2. Cash reserve ratio to be gradually restored to 4% by 27th May 2021.
3. RBI also decides to gradually restore cash reserve ratio for banks at 3.5% by 27th March 2021.
