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Tribune News Service
New Delhi, September 16
Reserve Bank of India (RBI) Governor Shaktikanta Das today sought to project an optimistic outlook for the economy in his second recent address to an industrial chamber after the GDP for the first quarter recorded a 24 per cent crash.
Gradual process: Das
The recovery is not yet fully entrenched… It is likely to be gradual as efforts towards reopening of the economy are confronted with rising infections.
Predicting a gradual recovery as against a “V” shaped bounce-back as suggested by economists, Das said in the medium-term, India needed to focus on five areas — human capital in education and health, productivity, exports, tourism and food processing.
The sunrise sectors that offered potential for higher exports in the post-Covid period were drugs and pharmaceuticals, he said. “A sharp policy focus on other global value chain intensive network products, including IT hardware, electrical appliances, electronics, telecommunications and automobiles would also provide the cutting edge to India’s export strategy with considerable scope for higher value additions,’’ he said.
Das said tourism and hospitality sectors had been impacted more by Covid, but these might see early revival.
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