Not a rocket science theory anymore to know that the country with its economy in an embattled state is trying its best to revive things. A bit more input on the situation will only make the piece of news cliched. At a time where WhatsApp forwards have even tried to lighten things up, stating just what a dampener 2020 has been, anything but exhilarating like T20 Cricket, humour cannot save us from the challenges.
In fact, it may just trivialise the absurdly challenging times we find ourselves in.
Given that there were two parallel narratives dominating the country- Indian economy contracting alongside the rise of the COVID-19 Pandemic- things haven’t been all that good. As a matter of fact, according to the numbers produced by the Ministry of Statistics and Programme Implementation, the Indian economy contracted by as much as 23.9%, circa April-June.
This is when the nation was anyways aggrieved by a lack of jobs, and rising concerns about employment.
But in the light of the fiscal measures introduced by the government, some normalcy is expected, at the end of the day. But whether this some standard by-line of optimism or an actual prudent move that can rescue the ailing economy, we are yet to know. What we do know is that among the most recognized voices in the country, the RBI Chief has spoken on the issue.
And even pointed that India may be close toward an economic recovery from the colossal damage wreaked by COVID-19 pandemic. But how so?
What did the RBI Chief actually have to say?
“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!”
The bespectacled RBI chief also happened to highlight the essence of the problems being faced by the NBFC sector, along with the Indian banking firmament. He’d say the following:
“We need to build capital buffer for banks, NBFCs to deal with stress caused by COVID-19.”
However, the future, according to some economists and reasoned voices seems to be optimistic, at best, in stark contrast to the sluggish growth and other challenges that have stifled the country.
Here’s what Live Mint had to say, in quoting numbers:
Indian economy is projected to contract by a massive 10.3% this year, according to an International Monetary Fund (IMF) forecast. The Reserve Bank of India expects the economy to shrink by 9.5% in the current financial year.
What do you reckon might happen to India. Where will the country head to, in the imminent future? Can 2021 be the big respite we all so wish to seek? For now, there are no answers and pure conjecture. Here’s hoping the following comes true- the night is darkest before the dawn.