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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | EVALUATION OF RBI’s MONETORY POLICY DURING COVID-19 |
| Authors Name: | PRANAV RAJ , Dr. Kapil Kathuria , Dr. Rashmi Chaudhary , Divyansh Dixit |
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IJNRD_193203
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| Published Paper Id: | IJNRD2305200 |
| Published In: | Volume 8 Issue 5, May-2023 |
| DOI: | |
| Abstract: | 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. |
| Keywords: | COVID-19, Analytic approach, Impact analysis, Liquidity provisions, Asset purchases, Regulatory easing |
| Cite Article: | "EVALUATION OF RBI’s MONETORY POLICY DURING COVID-19 ", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 5, page no.b760-b764, May-2023, Available :http://www.ijnrd.org/papers/IJNRD2305200.pdf |
| Downloads: | 000118751 |
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2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID:IJNRD2305200 Registration ID: 193203 Published In: Volume 8 Issue 5, May-2023 DOI (Digital Object Identifier): Page No: b760-b764 Country: Solan, Himachal Pradesh, India Research Area: Management Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2305200 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2305200 |
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ISSN: 2456-4184
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