RBI’s Das: pandemic improved India’s external balance
Boom in software business helped shore up current account and boost RBI reserves, governor says
The Covid-19 economic crisis has hit the Indian economy hard, but has improved India’s balance of payments, Shaktikanta Das said today (February 25).
The Reserve Bank of India governor said the country benefited from falling commodity prices at the start of the Covid crisis. This combined with weak demand for goods imports to improve India’s trade balance, he said.
At the same time, the technology-focused services sector saw a boom in exports. As a result, the current account balance moved
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