Shaktikanta Das says economic recovery stronger than expected; surge in coronavirus poses downside risks

RBI Governor Shaktikanta Das today said that after seeing a sharp GDP contraction in the first quarter, the Indian economy has exhibited a stronger than expected momentum in activity. However, he added that even as growth outlook has improved, downside risks remain with respect to the surge in Covid infections and thus the situation needs to be watched carefully. The calibrated opening up of economy can supplement domestic savings, and help fund the growth requirements, he further said while speaking at the 4th Annual Day of Foreign Exchange Dealers’ Association of India (FEDAI).

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