Infrastructure push can re-ignite economic growth: RBI Guv Shaktikanta Das

Governor of Reserve Bank of India Shaktikanta Das has called for cooperation between public and private sectors for India’s economic growth. Addressing an event hosted by  CII, the RBI Guv said both private and public sectors have to play an important role in developing infrastructure that requires huge investments. The recent agriculture reforms have opened up new opportunities as the farm sector is emerging as a bright spot. India needs policies for a sustained increase in farm income. With regard to the forex rate, he said RBI has no fixed target for the rupee but will continue to monitor undue volatility as per its long-standing policy. Stressing the need for stepping up investments in the infrastructure sector to restart the economy reeling under the impact of the COVID-19 pandemic. India needs policies for a sustained increase in farm income even as crop production has rocketed to record highs in the past few years. Crop price incentives by the government have been costly and sometimes ineffective. “Current buffer crop stock is at 2.3 times of norms. India has emerged as the leading producer of milk and many crops. Moreover, recent farm reforms have opened up new opportunities and can be a game-changer in adding value to the company. India needs to take some big strides in renewable energy space and work on many business opportunities in the sector. “We have seen a steep fall in the cost of generation of renewable energy. The pattern of energy production is shifting to renewables. We now need to move to the next stage of production and manufacturing solar panels indigenously”, Shaktikanta  Das said.