TIL Desk/Business/Mumbai/ Reserve Bank of India Governor Shaktikanta Das on Tuesday said that consumption demand triggered by the festive season is making a strong comeback.
Speaking at the eighth SBI Banking & Economics Conclave, he said: “There are signs that consumption demand triggered by the festive season is making a strong comeback.””This would encourage firms to expand capacity and boost employment and investment amidst congenial financial conditions.
“According to Das, the recent cut in excise duty on petrol and diesel by the Centre and in value-added tax (VAT) by several state governments will augment purchasing power of people, which in turn, will create space for additional consumption.
Besides, he said that while it is “heartening to note” that the economy is gradually getting back on its feet after a devastating second wave, recovery has progressed in an uneven manner.
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