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Sunday, January 23, 2022

RBI Annual Report: Corona Affects Economy, Estimates to Growth Rate at 10.5% in FY22

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The RBI today presented its annual report on the impact on the Indian economy due to Corona. In which the future possibilities were discussed.

RBI Annual Report

The Indian economy was badly affected last year due to the Corona epidemic. In its second wave, the situation is not as bad as the first, but uncertainty remains. This is the reason that the possibility of improving the economy now depends on how fast India gets out of the second wave of COVID-19 infection. This has been said in the annual report released on Thursday by the Reserve Bank of India (RBI). During this period, the growth rate has been estimated to be 10.5 percent in the current financial year 2021-22.

In the annual report, the RBI said that inflation rate is also affected due to the epidemic. According to the report, due to Corona, the competition in the market has reduced, since March 2021, the supply chain has been badly affected due to increasing cases of infection. This can have an effect on inflation. In 2020-21, the inflation rate had risen by 140 basis points (1.4 per cent) to 6.2 per cent as compared to 2019-20. It is calculated on an annual basis as a change in the Consumer Price Index. WPI-based inflation went below zero in April-July 2020 and reached a 54-month low of (-) 3.4 in May 2020.

The Reserve Bank said in the report, “The recovery in the economy from COVID-19 will depend on a strong revival of private demand. If recovery is to be sustained, investment will need to be accelerated. ” Apart from this, India’s development potential can be improved by reform measures in various fields. The Corona epidemic gave the Indian economy a deep wound last year. At the beginning of the second wave, similar conditions were seen, although the situation is better than before due to optimistic attitude. During this time, the vaccination campaign has an important role.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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