Financial system poised for wonderful summer season: RBI

Tribune News Service

New Delhi, January 21

The RBI has promised a ‘glorious summer’ on the basis of recent high frequency indicators.

The recent shifts in the macroeconomic landscape have brightened the outlook, with GDP in striking distance of attaining positive territory and inflation inching closer to the target. Financial markets remain ebullient with strong portfolio inflows and India is on track for receiving record annual inflows of foreign direct investment, noted the apex bank’s monthly statement. If these movements sustain, policy space could open up to further support the recovery,” it said.

It noted the New Year began with countries across the world in a massive vaccination drive, and felt “the worst is behind us.”

“Recent high frequency indicators suggest the recovery is getting stronger in its traction and soon the winter of our discontent will be made glorious summer,” said the RBI, quoting William Shakespeare.

“In fact, the number of e-way bills issued during December 2020 was the highest, suggesting that the recovery is no longer aloft on the fleeting tailwinds of festival spending but is rising Phoenix-like on the wings of an intrinsic momentum,” said the central bank.

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