Stating that the pandemic has provided a new impetus to technology-driven companies such as fintech, edtech and healthtech, RBI Governor Shaktikanta Das said the forces of ‘creative destruction’ are expected to boost productivity by encouraging greater competition, dynamism and innovation in several sectors of the economy.
Talking about the achievements of India’s manufacturing sector, Mr. Das said the country has turned from being an importer to an exporter of mobile phones. He said the trend is likely to spill over to other sectors also; enhancing India’s share in Global Value Chain and increasing the competitiveness of India’s large and Micro, Small and Medium Enterprises.
However, warning of uneven global recovery, the RBI Governor said multilateralism will lose credibility if it fails to ensure equitable access to vaccines across countries. He added that securing the health and immunity of the poor would mean a great leap towards inclusive growth.
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