New Delhi: Reserve Bank of India (RBI) has maintained a status quo on key lending interest rates to continue economic recovery. The repo rate was unchanged at 4 per cent while the reverse repo rate was maintained at 3.35 per cent for the tenth time in a row. RBI has last changed the interests rates in May 2020 to revive the economy from the first wave of COVID-19 outbreak and subsequent lockdowns to prevent the spread.
While announcing the decisions, RBI governor Shaktikanta Dashas mentioned how COVID-19 has changed the world in the last two years. “We are living in a world of Knightian uncertainty in the absence of determinate knowledge about the next mutation of Covid-19,” he said.
“The ability to forecast the future course of the economy is so contingent on the evolution of the virus that one prognosis is as good or as bad as the other and as ephemeral,” he added.
Note of optimism
COVID-19 has taught us many lessons, especially how to remain optimistic even during the most crucial moment of human history.
“As the great Lata Mangeshkar – whom we lost recently – sang in her immortal voice: “aaj phir jeene ki tamanna hai”. Together with the spirit behind the next line of this beautiful song, she has conveyed an eternal message of optimism,” said Das.
“If the last two years of living with the virus have taught us anything, it is to remain humble, but grounded in self-belief, never losing confidence and optimism,” RBI governor further mentioned
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