Reserve Bank governor Shaktikanta Das on Friday assured that the central bank will take every measure needed to secure the economy against the challenges arising from the coronavirus epidemic. The deadly virus that originated from China has spread to nearly 80 countries and has taken the lives of more than 3,300 people.
We will be able to respond to the challenges emerging out of the coronavirus epidemic, Das said at an industry event here. While noting that there are enough resources to fight the crisis, given the robust forex reserves, he also called for the IMF to launch a non-stigmatised currency swap lines to ease the liquidity pressures globally.
RBI stands ready to intervene in whatever way required to respond to epidemic challenges, Das said, as he expects global growth to slow down due to coronavirus. He also said that all central banks are resolved to work in close coordination.
On the domestic sector, he said certain sectors which depend on China will be impacted due to the epidemic, but mitigatory steps are being taken for it. The impact on India will be limited as our economy is not much integrated with the global value chain; and to that extent we will be insulated, said Das.