Second Covid wave dented recovery, but economic activity up now: RBI
MUMBAI: The second wave of the pandemic has dented recovery, but with cases abating rapidly, economic activity has improved since May-end, RBI Governor Shaktikanta Das has said.
In a foreword to the financial stability report (FSR) released on Thursday, Das said the hit on banks’ bnce sheets and performance due to the pandemic has been much less than what was projected earlier.
According to the stress tests conducted by the RBI, the banking sector’s bad loans or gross non-performing assets (GNPAs) may increase from 7.48% in March 2021 to 9.8% by March 2022 under the baseline scenario, and to 11.22% under a severe stress scenario. In January, the RBI had said that GNPAs in September 2021 would be around 13.5% under the baseline scenario and 14.8% under a severe stress situation.
The RBI has cautioned banks on the risks arising out of loans to small businesses and retail. “While banks’ exposures to better rated large borrowers are declining, there are incipient signs of stress in the micro, small and medium enterprises (MSMEs) and retail segments,” the report said.
The central bank has expned the difference between the January projection and the current report, stating that the earlier FSR was based on an estimate of bad loans as there was a standstill order ag inst loans being classified as NPAs.
Blame nikamma Modi as he is the one who spearheaded the 2nd wave. The worthless PM was telling the world community that how he and his team were able to save the world from the pandemic triumphantly. Incompetent state & central go nments, peoples irresponsible behavior, farmer rallies, kumbh mela, ion campaigning, etc., have all contributed to the severe dent in the economy.
It was a man made disaster. The blame solely rests with Modi-G, Amit Shah G, Bhogi-G and entire BJP
we will do and say whatever we want, but ModiG AmitG and BJP are responsib;le
And what about mamta didi who did rallies???? Andhbirodhi
With our economy in the wrong hands how can you expect a rapid recovery? With the most inefficient and unimpressive FM in the chair there is very little hope of growth to recover
FM is just a rubber stamp, everything is controlled by PMO.
RBI is being run by a historian. That says everything I need to know about the state of the economy.
But Shreemaanji Modhi knows economy more than any person on this earth. He is expert in Defence, innovation, economy, governance, vaccine Guru, inventions, image building etc.
Modi hai to mumkin hai
Major reason for the bad shape of economy is the incompetent, useless, hopeless and clueless Modi than Corona. His BLUNDERSTROKE of demonetization and shoddy implementation of GST are the major reason for dwindling economy. Corona is just an excuse behind which the incompetent Modi is hiding.
Even before Corona unemployment was 45 year high.
RBI earlier said 2021 economy will grow by 8.3%. that was a jumla. They were planning to blame Covid already.
I think Modi Ji should now become the PM of some other weak country in Africa and make them Superpower.
People want him to be Prime minister of the world.
We got hit by the Modi wave in 2014 and it’s all downhill since then
BJP has ruined this country under Modi. History will judge you forever
We will bounce back and sooner than later
Common prople continue to suffer.
People must be given money to spend more to boost up the economy.
Only one wat to get India back on track and thats Modi’s depature. All rich Indians have left, no one wants to invest here. Ppl are suffering but modi wants to win ions
Make modi the leader of US and he’ll make them into India. One man’s ego and greed for power has sunk our country. Modiji = petrol 105