Feb 25, 2021By: Prabhjote Gill
According to RBI Governor Shaktikanta Das, the government’s new PLI schemes aim to make India an integral part of the global value chain.
It has a vast network of around 6.33 crore enterprises which contribute to 58 percent of exports.
The focus should be on enhancing supply at every level of the value chain in a cost effective manner.
“Domestic industry needs to develop its strength by focusing on quality and export competitiveness in order to remain viable in the long run,” said Das.
But, warns that India needs to take into account the geopolitical landscape of the post pandemic world.
FTAs with these economies can boost bilateral and investment relations as well as collaboration on scientific research and climate change.
The central bank has certain concerns with respect to cryptocurrencies and issues are being addressed internally.
There is a need for co-ordinated action between the centre and states on reduction in taxes on fuel prices.
It had earlier expressed its interest in creating a level playing field for MFIs.
“There is space for one strong ARC set up by banks,” said Das.
“Indian financial sector is in a much better place now than earlier,” said the RBI Governor.