Speaking at the launch of the book ‘Portraits of Power: Half a Century of Being at Ringside’, written by former bureaucrat and current chairman of the finance commission N K Singh, Das said: “We are almost at the doorstep of revival process and it’s very important that the financial entities have adequate capital (to support growth).”
Expressing confidence that the policymakers will be able to overcome challenges caused due to Covid, Das said that government will have to spell out a fiscal roadmap post-Covid.
“I think post Covid, once there is containment of pandemic, the government will certainly have to spell out a fiscal roadmap that India should adopt,” he noted.
The RBI governor also emphasised on the need to build capital buffer for banks and non-banking financial companies (NBFCs) to deal with stress caused by the pandemic.
“Both fiscal and monetary policy were counter-cyclical and accommodative and both were working in close symmetry,” he said, while stating that the fiscal measures taken by the government to deal with the pandemic have so far have been well calibrated and prudent.
In its monetary policy meet earlier this month, Das had stated that the Indian economy is entering into a decisive phase in fight against coronavirus and contraction in Q1 economic growth is behind us.