The impact of the novel coronavirus outbreak on the Indian economy would depend on the depth, duration and diffusion of the crisis, the Reserve Bank of India said in the minutes of its emergency monetary policy committee (MPC) meeting in March.
FILE PHOTO: A worker walks past the logo of Reserve Bank of India inside its office in New Delhi, July 8, 2019. REUTERS/Anushree Fadnavis/File Photo
“The main challenge for monetary policy at this juncture is to ensure that the adverse impact of COVID-19 on domestic demand is not amplified.” “The COVID-19 pandemic is an invisible assassin which needs to be contained quickly before it spreads and wreaks havoc on valuable human lives and the macro economy,” RBI Governor Shaktikanta Das wrote in his minutes.
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