By: ENS Economic Bureau | Mumbai |
December 23, 2021 3:21:57 am
RBI Governor Shaktikanta Das said there is growing uncertainty over the evolving global macroeconomic outlook.
Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) member Jayanth Varma has said the monetary policy is not the right instrument to deal with the Covid pandemic and it’s no longer appropriate to stick to the policy stance first adopted in May last year.
“I believe that monetary policy is no longer the right instrument to deal with the Covid-19 pandemic whose economic effects (as opposed to its health effects) have diminished greatly…,” Varma said at the MPC meeting, according to minutes released by the RBI.
RBI Governor Shaktikanta Das said there is growing uncertainty over the evolving global macroeconomic outlook. On the domestic front, even as the prospects for economic activity are improving, there is still a slack with key drivers remaining below their pre-pandemic levels, Das said.
? The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
© The Indian Express (P) Ltd