NEW DELHI: Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the Government to mitigate the impact of COVID-19 as “very positive” and hoped that these would help in containing the decline in growth.
He further said that unlike in 1991, when the country faced a balance of payments crisis, today India has resources as well as forex reserves to deal with any eventuality.
“All the measures announced by her (Finance Minister Nirmala Sitharaman) are very positive.
“But as you have rightly said these are all supply side, not demand side. In terms of the economy, one does not expect higher fiscal deficit to lead to a higher economic growth in macroeconomic sense,” Jalan said in an interview. (AGENCIES)