UPSC Articles
RBI’s Annual Report for 2019-20 released
Part of: GS-Prelims and GS-III – Economy
In News:
- RBI annual report for 2019-20 was recently released.
Key takeaways of the report
- Economic contraction triggered by the COVID-19 pandemic would extend into the second quarter.
- The shock to consumption has been severe.
- The government consumption would be key to the revival of demand.
- High frequency indicators point to a reduction in spending that was never observed till now.
- RBI’s survey for July month indicated that consumer confidence fell to an all-time low.
- Majority of respondents reported pessimism relating to the general economic situation, employment, inflation and income.
