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New policy making must account for structural changes in the economy: RBI Governor

22 Sep 2021

Reserve Bank of India Governor, Mr Shaktikanta Das wants the policy makers to take into account the structural changes in the economy during the pandemic while formulating plans for the post-pandemic world. Addressing the 48th National Management Convention of All India Management Association (AIMA), he said that there were signs that the world was emerging from the shadow of covid and it was a time to step back and plan an economy of the future.

RBI governor listed seven sectors that would be key to the post-pandemic recovery and rebuilding of the Indian economy. He counted them as IT&ITES, manufacturing, green technologies, renewable energy, agriculture, exports and the financial system.

Referring to the changes in the financial system, Mr Das said that from being a banking-led system, India had moved to a hybrid system with growing role for NBFCs, mutual funds, corporate bonds etc. "This is a sign of maturing of the financial system," he said.

RBI governor emphasized that the pandemic was an inflexion point to alter the course of development. He said that technology will give impetus to productivity growth and income as well as implementation of government schemes. In addition to driving technology, Mr Das listed promoting women-friendly work environment and training of the poor as pillars of India's economic transformation. "Income and job creation with digitalization and innovation will usher a new era of prosperity for India," he said.

Mr Das stressed the need for India to invest more in intangible capital - research, skills etc - because this investment would have a bigger impact on productivity than the investment in physical assets. He asked Indian companies to get involved with science, technology and maths education because it was not possible to increase the supply of a workforce with these skills quickly through the conventional education system.

Talking about the PLI scheme, RBI governor insisted that all the beneficiary sectors and companies had to use the scheme to develop durable competitive advantage so that PLI scheme was not a one-off benefit.

Mr Harsh Pati Singhania, President, AIMA and Vice Chairman & Managing Director, JK Paper Ltd, appreciated the role played by RBI under Mr Shaktikanta Das in business survival and recovery through liquidity infusion and loan moratoriums. "RBI's role will continue to be central to India's economic recovery as the business and consumer confidence remain vulnerable and the possibility of further disruption cannot be ruled out," he said.

Mr Sanjay Kirloskar, Convention Chairman and Chairman & Managing Director, Kirloskar Brothers Ltd, said that apex bank held the key to the new rules for investment, production and consumption during the recovery and rebuilding period. He appreciated the RBI and Mr Das for maintaining their stance on liquidity and interest rates despite inflation surge.

Mr C K Ranganathan, Senior Vice President, AIMA and Chairman & Managing Director, CavinKare Pvt Ltd, applauded the low interest rate regime. "Indian industry has never witnessed this kind of interest rates," he remarked. He added that RBI's support would remain crucial to business, as there were still kinks in the economy and the recovery was uneven across sectors.

Mr Shrinivas Dempo, Vice President, AIMA and Chairman, Dempo Group of Companies, complimented the RBI governor for mitigating the devastating impact of the pandemic and appreciated his supportive policies for driving a rapid rebound in economic activity and GDP growth.

Ms Rekha Sethi, Director General, AIMA, anchored the session.

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