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Need to accelerate the pace of growth for sustainable revival of economy: Das

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language | Updated: 22 Feb 2021, 09:02:00 PM

Mumbai, Feb 22 (Language) There is a need to accelerate the pace of growth to strengthen the sustained revival of the economy and rapidly reach the pre-COVID-19 level. Reserve Bank Governor Shaktikanta Das said this while advocating for keeping the interest rates unchanged at the last meeting of the Monetary Policy Committee (MPC). This information has been received from the details released on Monday of the meeting. All six members of the MPC voted in favor of keeping the repo rate unchanged at four percent in a three-day meeting that began on February 3. All

Mumbai, Feb 22 (Language) There is a need to accelerate the pace of growth to strengthen the sustained revival of the economy and rapidly reach the pre-COVID-19 level. Reserve Bank Governor Shaktikanta Das said this while advocating for keeping the interest rates unchanged at the last meeting of the Monetary Policy Committee (MPC). This information has been received from the details released on Monday of the meeting. All six members of the MPC voted in favor of keeping the repo rate unchanged at four percent in a three-day meeting that began on February 3. All the members gave similar reasons for this. As per the details of the meeting, Das said, “Though the growth is uneven, it is gaining momentum.” Also the scenario has improved significantly with the introduction of vaccination programs in the country. “The Governor said,” The pace of growth needs to be further strengthened for the sustainable revival of the economy, which will soon increase the production of COVID-19. To be brought to the former level. ”Das said that in view of the steep decline in inflation and the stable outlook of the near future, a soft stance in monetary policy needs to be continued, to ensure that revival can be comprehensive. The Reserve Bank did not change the policy rates in the last monetary review meeting on February 5. In addition, the Reserve Bank Governor-led Monetary Policy Committee had decided to continue the soft stance as long as necessary. The Reserve Bank has targeted to keep retail inflation at four per cent (up or down two per cent) in the medium term. Other members of the MPC include Shashank Bhide, Senior Advisor, National Council of Applied Economic Research, Prof Ashima Goyal of Indira Gandhi Development Research Institute-Mumbai, Professor Jayant R Verma of IIM-Ahmedabad, Mridul K Saggar, Executive Director of Reserve Bank and Reserve Bank of India. Deputy Governor Devavrata Patra.

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