NEW DELHI: Reserve Bank of India governor Shaktikanta Das on Thursday said that India is at the cusp of turnaround in fortunes with sectors recovering from Covid-induced slowdowns.
Addressing the 185th foundation day of Bombay Chamber of Commerce, noted manufacturing sector has shown good recovery and is spearheading growth.
Here are the key points from Shaktikanta Das’s speech:
* Fuel price increase has cost-push factor as they have an impact on cost of manufacturing. Hence, there is need for coordinated action between center, states on reduction in taxes on fuel prices.
* We have precise idea of ​​build up of stressed assets in banks. The financial sector in much better place now than earlier.
* RBI is working towards improving regulatory architecture for micro finance institutions (MFIs).
* Refining regulatory architecture on asset reconstruction companies (ARCs) is on cards.
* Corporate sector needs to invest more in healthcare facilities.
* MSME sector has emerged as growth engine of economy.
* We will continue to support the recovery process by ensuring ample amount of liquidity in the system.

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