Shaktikanta Das said the industry will play a pivotal role in what could be known as "silent revolution"
Reserve Bank of India Governor Shaktikanta Das on Monday highlighted five dynamic shifts in the country that, he said, need to be "converted into structural transformations" and lead to "sizeable benefits for economy". The RBI Governor was addressing members of the Confederation of Indian Industry (CII) National Council. He said Indian industry will play a pivotal role in what could be known as "silent revolution".
Mr Das said the gap on the infrastructure front remains large. He said the country needs $4.5 trillion for investment in Infrastructure by 2030, citing NITI AAYOG estimates.
The RBI Governor also pointed out that the coronavirus pandemic has impacted funding for start-ups. The country added seven unicorns in 2019, he said.
"We must fight relentlessly against this invisible enemy," he said, referring to the spread of the coronavirus pandemic which has affected an already-slowing economy.
"Currently, COVID-19 is a compelling theme in all conversations... Questions about flattening of the COVID-19 curve, the arrival of the elusive vaccine, the protection of lives and livelihood, and the shape of economic recovery haunt us day in and day out... There are no credible answers we have to these questions," the RBI Governor said.
Mr Das' comments came days after a report released by the central bank stated that non-performing assets or bad loans in the country's banking sector could rise to as much as 15 per cent of total loans by March 2021.
Meanwhile, total COVID-19 cases in India touched 1.44 million by Monday morning, according to government data.
