RBI said improved fiscal position bear testimony to the springiness of the Indian economy.
Economic Review of September
The Reserve Bank of India (RBI) on October 11, in its economic review for the month of September, said that the country is well-placed on the path to swift recovery with growth impulses visibly transmitted to all sectors of the economy.
It further said that strategic reforms undertaken so far with new milestones in vaccination drive have enabled the economy to navigate the ravaging waves of the Covid-19 pandemic.
The RBI stated that sustained robust growth in agriculture, strong rebound in manufacturing and industry, renewal of services activity, lively revenue collections and improved fiscal position bear testimony to the springiness of the Indian economy.
The central bank accentuated that persisted decline in growth of currency in circulation since August is indicating the decreasing demand for preventive savings with progressive reopening of the economy.
The Reserve Bank stated that due to the global shortage of semiconductor chips the auto sales would be subdued.
Currently, auto retailers are staring at huge losses as automobile registrations and sales remain affected and manufacturers struggle with vehicle dispatches to dealerships. However, it expects the October- November festive season to boost demand.
The Reserve Bank cautioned for the ongoing festive season. It said that while abating of the second wave coupled with rapid progress in vaccination bode
Well for the revival of consumer sentiment, the festive season warrants caution and continued adoption of Covid-appropriate behavior.
The Advisory Committee to SIFL & SEFL
RBI exercised its power under Section 45-IE (5) (a) of the Reserve Bank of India 1934 to constitute a three-member Advisory Committee on October 4, 2021.
The three-member committee consisted of Shri R. Subramaniakumar, former MD &CEO of India Overseas Bank, Shri T T Srinivasaraghavan, former MD of Sundaram Finance Limited and Shri Farokh N Subedar, former COO and Company Secretary of Tata Sons Limited.
The committee will assist Shri Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) in his duties,
Upon admission of the petitions for insolvency resolution processed by the Kolkata branch of the Hon’ble National Company Law Tribunal.
The committee was constituted under Insolvency and Bankruptcy Rules, 2019.
