Employment declines due to covid-19, situation will take more time to improve: RBI

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New Delhi, 25 August 2020 Tuesday

The Reserve Bank of India (RBI-Reserve Bank of India) has released its annual report for 2019-20 (July-June). The report said economic activities have been affected by the COVID crisis. This has affected the production and supply chain. Further reforms are needed due to slower investment. The economy has been affected by slow economic activity.

The RBI's 2019-20 annual report focuses on increasing investment and reform. In the report, the RBI said the second quarter would also see an impact on economic activity. Corona has disturbed the production and supply chain. Recovery will come from increased public and private consumption. The Reserve Bank has called for reforms in investment. The RBI said in the report that it needs to invest ડા 4.5 trillion in infrastructure by 2040.

According to the report, total gross income in 2019-20 was Rs 1.50 lakh crore. Total gross income for the period fell to Rs 1.50 lakh crore from Rs 1.95 lakh crore in the same period last year. As on June 30, the RBI had a total deposit of Rs 11.76 lakh crore.

The RBI 2019-20 ANNUAL REPORT further states that the period has seen a decline in consumption in urban areas. Rural demand has been better than urban demand. It will take time for consumption to improve and conditions to return to normal. The migrant labor crisis and declining employment have had an impact on growth. The report said it would take time for demand to return as before.

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