India’s economy, which had been hit hard by the Covid-19 pandemic, is moving on the path of growth
Bengaluru: India’s economic woes seem to be over, with the Centre announcing massive spending measures.
This will extricate the economy out of the mess.
RBI governor Shaktikanta Das has expressed confidence over the issue.
He said, “The large capital expenditure announced by the government will support economic activity and investment. It is expected to crowd in private investment. From now on, the economy is expected to move only in one direction — that is, upwards,” as reported by Economic Times.
On borrowing, he said, “This year we managed government borrowing in excess of Rs 13 lakh crore. Next year it’s about Rs 12 lakh crore, the net borrowing being Rs 9 lakh crore. We did open market operations of Rs 3 lakh crore this year, we will do equal or more next year depending on the situation,” as quoted by Business Standard.
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.