India at doorstep of revival process from COVID-19: RBI Governor
New Delhi, Oct 22: India is almost "at the doorstep of the revival process" from COVID-19 pandemic, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday.
The Governor added that both the monetary and fiscal policies were accommodative and were working in close symmetry.
"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 further said at the launch of the book by N K Singh, former bureaucrat and current chairman of the Finance Commission.
Many of the entities have already raised capital and others are planning to, Das said, adding they would certainly do so in the coming months.
Both fiscal and monetary policy were counter-cyclical and accommodative and both were working in close symmetry, RBI chief added.
The fiscal measures taken by the government to deal with the pandemic have so far have been well calibrated and prudent, Das mentioned. "The central government has provided prudent measures to provide financial support to weaker sections and small business," Das stated.
While speaking at the launch of the book 'Portraits of Power: Half a Century of Being at Ringside', he underlined that RBI has deployed instruments that were not in the toolkit and it is looking to innovate on instruments to respond to the pandemic.
Meanwhile, the Reserve bank today announced to conduct 'On tap Targeted Long-term Repo Operations' of up to three years tenor for a total amount of up to Rs 1 lakh crore at a floating rate linked to the policy repo rate.