EVALUATION OF RBI’s MONETORY POLICY DURING COVID-19

Registration ID: IJNRD_193203

Published ID: IJNRD2305200

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PRANAV RAJ, Dr. Kapil Kathuria, Dr. Rashmi Chaudhary, Divyansh Dixit

COVID-19, Analytic approach, Impact analysis, Liquidity provisions, Asset purchases, Regulatory easing

The unprecedented shocks from the COVID-19 pandemic jeopardized the global economy and created an environment of Knightian uncertainty all around. The 2020 pandemic caused worldwide contagion, and the precipitous loss of lives and livelihood. By the end of 2021, several advanced economies may have reached or exceeded pre-pandemic levels of output, but middle-income emerging economies have suffered large losses of output, with the heaviest burden falling on low income countries. This pandemic is also noteworthy for the unprecedented policy response mounted by governments and central banks. The IMF estimates that since March 2020 and up to October 2021, US$16.9 trillion or 16.4 per cent of global GDP had been pledged as fiscal support in response to the pandemic, with US $ 14.5 trillion provided by advanced economies (AEs) and US $ 2.4 trillion provided by emerging market economies (EMEs), including the least developed countries. The total monetary support was US$19.0 trillion or 18.4 per cent of global GDP, US $ 16.1 trillion by AEs and US$ 2.9 trillion by EMEs. This study evaluates the impact of the monetary policy responses initiated by Reserve Bank of India (RBI) to mitigate the cascading effect of the pandemic on Indian Economy. The study uses a combination of exploratory and analytic approach for evaluating the monetary policy responses initiated since January 2020. Actions of RBI are analysed under four headings namely Policy Rate Cuts, Liquidity Provisions and Credit Supports, Asset Purchases, and Regulatory Easing. It is observed that RBI has responded on all four fronts successfully which are evident through availability of sufficient liquidity and easy credit in the market for all the stakeholders like central and state governments, large corporates, MSMEs and individuals. RBI must maintain the momentum of policy response till the return of normalcy in the economy. It should also be ensured that no adverse effect appears after withdrawal of the stimulus extended as policy response against the pandemic.

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PRANAV RAJ, Dr. Kapil Kathuria, Dr. Rashmi Chaudhary, & Divyansh Dixit (May-2023). EVALUATION OF RBI’s MONETORY POLICY DURING COVID-19 . INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(5), b760-b764. https://ijnrd.org/papers/IJNRD2305200.pdf

Volume 8 Issue 5, May-2023

Pages : b760-b764

Paper Reg. ID: IJNRD_193203

Published Paper Id: IJNRD2305200

Downloads: 000122253

Research Area: Management

Author Type: Indian Author

Country: Solan, Himachal Pradesh, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2305200.pdf

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