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The country’s economy may take 12 years to recover from the shock of Corona, what does the report say?

Indian Economy: The corona pandemic has shaken the country’s economy. RBI (Reserve Bank of India) told that it will take 12 years for the country to recover from this. A report has been released by the research team of the Central Reserve Bank, which states that the country’s economy has suffered a lot due to Corona. In the last 3 years, India has suffered a loss of more than 50 lakh crores in production.

The economy will be able to recover in the year 2034-35
According to the RBI report, it may take till the year 2034-35 for India to deal with the damage caused by Korana. Apart from this, the production deficit is estimated to be Rs 19.1 lakh crore, Rs 17.1 lakh crore and Rs 16.4 lakh crore for 2020-21, 2021-22 and 2022-23 respectively.

Need to strike a balance between monetary and fiscal policy
The RBI’s report on currency and finance for the financial year 2021-22 also said that maintaining a periodic balance between monetary and fiscal policy should be the first step towards stable growth. However, the central bank has clarified that this report is not its own opinion but represents the views of the contributors who prepared the report.

The country had to bear the loss even in the second wave.
Let us tell you that due to repeated return of corona epidemic, recovery can take a long time. After the sharp decline in the June 2020 quarter, the country had to suffer a lot in the second wave. Economic activities had come to a standstill.

Corona is not over yet
RBI’s research team said that the pandemic is not over yet. Corona infection is still spread in many countries including China, South Korea and Europe. However, the economies of all countries are responding differently.

Know what the report says
The report says that India has suffered a lot in terms of production, livelihood and lives due to the pandemic and it may take many years to recover from it. According to the report, ‘Economic activities have barely reached the pre-Covid level even after two years. India’s economic recovery is also facing deep structural challenges apart from the shocks of the pandemic.

The effect of Russia-Ukraine war is also visible
Apart from this, the war between Russia and Ukraine has also slowed down the pace of economic revival. Commodity prices rising due to war, weakening global economic outlook and dire global financial conditions have also created difficulties.

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