COVID Impact: RBI Said Loss Less Than First Wave
COVID Impact: RBI said Loss Less Than First Wave, More Danger to the population.
For the first time, the Reserve Bank of India (RBI) has tried to explain in detail how the second wave of Corona has affected the Indian economy.
According to the central bank, the second wave of Corona has not affected the first quarter of 2021-22. Broadly, it says that this time the probability of loss is less than the economic loss suffered in the first wave.
Despite this, the RBI seems more concerned about the future effects. In particular, the way the movement and employment have been affected, the RBI has said that the road ahead is full of dangers.
In the first week of this month, RBI Governor Dr. Shaktikanta Das announced some measures to save the economy from the second wave of Corona epidemic.
The RBI report released on Monday says that some measures will be announced in the future, this is being discussed.
There are also indications that small-scale industries will get priority in the upcoming measures as before. The RBI has clearly stated that local lockdowns are more effective than nationwide lockdowns.
COVID-19 Impact: The RBI estimates that the second wave of Covid has had the most impact on demand in India.
Although the GST collection has been a record Rs 1.41 lakh crore in the last month, but its pace is not sure to continue. This is also indicative of a decline of 17.5 per cent in the e-way bill in April.
The steady decrease in sales of petrol and diesel also indicates a decline in industrial activity. The decline in passenger car sales in April and the decrease in the number of air passengers also explains this.
Similarly, the rise in unemployment rate from 6.5 percent to eight percent within a month (according to the CMIE report) is also an indicator of pressure on the economy.
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