Indian Economy: The Reserve Bank of India has said that from the second quarter of the current financial year, the economy is gradually gaining momentum and it remains strong, but with increasing inflationary pressure, the new form of corona virus, Omicron, is a big problem. The challenge has emerged. The Reserve Bank has said this in the second financial stability report released on Wednesday.
Improvement after second wave
In the preface to the report, Reserve Bank Governor Shaktikanta Das wrote that after the second wave of the devastating coronavirus pandemic in April-May this year, there has been a gradual recovery in growth, but due to global developments and the recent outbreak of the virus, Omicron. Due to which a challenge has arisen in front of the economy. He said that a strong and sustained recovery is dependent on private investment and spurt in private consumption, but unfortunately both of them are still below pre-pandemic levels.
Concern over inflation
Das acknowledged that concerns remain about inflation arising out of rising costs. He called for concrete measures on the supply front to bring food and energy prices under control. The governor said that with policy and regulatory support, financial institutions have remained strong during the pandemic and financial markets have remained stable. He exuded confidence that a strong ledger of banks along with better capital and liquidity positions would help them tide over future shocks.
NPA may increase
Das cautioned that the NPAs may jump to 8.1-9.5 per cent in September 2022 from 6.9 per cent in September 2021, citing the stress test of banks. They reiterated the Reserve Bank’s commitment to ensure a sound and efficient financial system for strong, sustainable and inclusive growth, coupled with macroeconomic and financial stability.
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