Question
Recently RBI has come up with its report on currency
and finance 2021-22. Consider the following statements regarding the report: I. According to the report India is among the biggest sufferers of the pandemic in terms of economic setback. It is expected to overcome losses by 2034-35. II. India faced pandemic induced losses in terms of Output, Live and Livelihoods. III.India’s growth rate is assumed at 7.2% for 2022-23. Which statement/statements is/are correct?Solution
According to the RBI Report on currency and finance 2021-22 titled “Revive & Construct”: India suffered among the biggest pandemic-induced losses in the world in terms of output, lives and livelihoods, which may take years to recover. Economic activity has barely recovered to pre-Covid levels even after two years. The pre-Covid growth rate from 2012 to 2020 was 6.6 per cent. Excluding the two slowdown years of 2017-19, the growth rate was 7.1 per cent. Taking the actual growth rate of (-) 6.6 per cent for 2020-21, 8.9 per cent for 2021-22 and assuming growth rate of 7.2 per cent for 2022-23, and 7.5 per cent beyond that, India is expected to overcome Covid losses by 2034-35.
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