India’s GDP growth rate close to positive: Reserve Bank
The Reserve Bank of India (RBI) has estimated that India’s gross domestic product (GDP) is close to achieving positive growth rates. The RBI said that ‘V’ refers to vaccine in V-shaped correction. In fact, in the January, an article has been written on ‘The state of the economy’, it is titled “How will 2021 be? The correction will be ‘V-shaped’. V means vaccine. The article has been written by Michael Patra, deputy governor of the Reserve Bank and others. Significantly, the Government of India has started the world’s largest vaccination program from January 16.
The article stated that India’s biggest strength is vaccine manufacturing capacity. India has previously been vaccinated against polio and smallpox. The RBI said that if the vaccination is successful, it would tilt the balance of risk upwards. The Reserve Bank has made it clear that the views expressed in the article are the personal views of the authors, not the views of the central bank.
According to the article, before the end of the season, the rabi sowing area has become more than normal. In such a situation, agricultural production will be higher in 2021. Agricultural exports under the Production Related (PLI) scheme show combative potential.
The government has predicted that the Indian economy may decline by 7.7 percent in the current financial year 2020-21. In the first quarter of April-June of the current financial year, the economy had recorded a big decline of 23.9 percent. The economy was down 7.5 percent in the July-September quarter.
According to the article, e-commerce and digital technology will play an important role to correct the situation in India. It said that it would be too late to get production levels and employment before the epidemic.
