Quickened Rate Of Vaccination Critical To Protect Lives, Livelihoods: RBI

INSUBCONTINENT EXCLUSIVE:
areas are critical to preserve lives and livelihoods and prevent a resurgence in new waves of infections," the Governor said.The RBI
Governor said the vaccination process is expected to gather momentum and this will help in normalising the economy quickly
Citing example of advanced economies, the MPC noted that global economic recovery has been powered by massive vaccination programmes and
stimulus packages."Since the MPC's meeting in April, the global economic recovery has been gaining momentum, driven mainly by major
advanced economies (AEs) and powered by massive vaccination programmes and stimulus packages
Activity remains uneven in major emerging market economies (EMEs), with downside risks from renewed waves of infections due to contagious
mutants of the virus and the relatively slow progress in vaccination," the Governor noted.Meanwhile, the Reserve Bank of India's Monetary
Policy Committee kept the repo rate unchanged at a record low 4 per cent and maintained its accommodative stance
All the MPC members unanimously voted to continue with the accommodative stance as long as necessary to revive and sustain growth on a
durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going
forward, the Governor said.The Reserve Bank of India's Monetary Policy Committee (MPC) also pegged India's growth rate at 9.5 per cent
Q2; 7.2 per cent in Q3; and 6.6 per cent in Q4:2021-22," the RBI said in a statement.