New Delhi: Reserve Bank Governor Shaktikanta Das on Wednesday said the country is at the doorstep of economic revival on the back of accommodative monetary and fiscal policies being pursued by the central bank and the government. Also Read - Bank Holidays in December 2020: Private And Public Sector Banks to Remain Closed on These Days | Check State-Wise Full List
Das was speaking at the launch of the book ‘Portraits of Power: Half a Century of Being at Ringside’, written by a former bureaucrat and current chairman of the Finance Commission N K Singh. Also Read - Indian Economy Exhibited Stronger Than Expected Pick up in Momentum of Recovery: RBI
“We are almost at the doorstep of revival process and it’s very important that the financial entities have adequate capital (to support growth),” he said. Also Read - Lakshmi Vilas Bank to Operate Branches as DBS Bank India From Friday, Will Restart Withdrawals
Many of them have already raised capital and others are planning, he said, adding they would certainly do so in the coming months.
Das further said India followed the fiscal expansion path to deal with COVID-19-related challenges.
“I think post COVID, once there is containment of pandemic, the government will certainly have to spell out a fiscal roadmap that India should adopt,” he said.
Both fiscal and monetary policies are in an accommodative stance, he added.