The RBI released a report on currency and finance for the year 2021-22 on Friday in which it stated that it may take 12 years for the Indian economy to recover from the losses incurred during Covid pandemic.
It further stated that structural changes that have been rushed by the pandemic may actually alter the course of growth in the medium-term. RBI also claimed that the pandemic is a watershed moment for the economy.
"Sustained thrust on capital expenditure by the government, push to digitalisation and growing opportunities for new investment in areas like e-commerce, start-ups, renewables and supply chain logistics could in turn, contribute to step up the trend growth while closing the formal-informal gap in the economy," the report noted.
The RBI further noted in the report, the pre-COVID trend growth rate works out to 6.6 per cent (CAGR for 2012-13 to 2019-20) and excluding the slowdown years it works out to 7.1 per cent (CAGR for 2012-13 to 2016-17). The output losses for individual years have been worked out to Rs 19.1 lakh crore, Rs 17.1 lakh crore and Rs 16.4 lakh crore for 2020-21, 2021-22 and 2022-23, respectively.
The Reserve Bank of India released the Report on Currency and Finance (RCF) for the year 2021-22 on Friday. The theme of the report is "Revive and Reconstruct" in the context of nurturing a durable recovery post-COVID and raising trend growth in the medium-term.
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