In his book released Friday, Patel also wrote that governments use state-owned banks to pump-prime the economy during slowdowns and are unlikely to let go of this instrument.
RBI Governor Raghuram Rajan also cautioned that corporations, households and governments will have enormous levels of debt as they move out of the pandemic.
With gradual resumption of supply chains, inflation may come down. Data has also been limited by the lockdown, so the MPC should wait before changing rates.
Speaking at a virtual session, Sitharaman also said the agricultural sector is driving the economic revival, and that all sectors in India are open to the private sector.
The banks received support from central government with solicitor general Tushar Mehta submitting that waiving off interest will have a 'cascading effect'.
Michael Patra, RBI deputy governor and a member of the panel, said the ‘damage is so deep’ that India’s potential output has been pushed down, and it will take years to repair.
The survey captures consumer sentiments across parameters such as general economic situation, employment scenario, overall price situation, one's income and spending.
Hu Xijin, former editor-in-chief of the ‘Global Times’, described Takaichi’s behaviour as political sleepwalking and said that Japanese leaders must become more self-aware.
While global corporations setting up GCCs in India continue to express confidence in availability of skilled AI engineers, the panel argued that India’s real challenge lies elsewhere.
Without a Congress revival, there can be no challenge to the BJP pan-nationally. Modi’s party is growing, and almost entirely at the cost of the Congress.
COMMENTS