By 2035, Indian Economy will overcome COVID losses: RBI

Reserve Bank of India (RBI), reports that another 13 years would be needed to satiate the economic losses caused by the pandemic.The COVID pandemic hit the country's growth in March 2020, proving a major setback in all forms.According to the report on Currency and Finance, the actual growth rate of (-6.6) percent for 2020-2021, 8.9 percent for 2021-22 and assuming the rate of 7.2 percent for 2022-23, India is expected to overcome the losses by next 13 to 15 years.Global supply chain disruptions and surge in commodity prices due to on-going rift between Russia and Ukraine has left the economic stability in shackles.Hovering shipment bans and revised conditioning norms in trade set by at the international forums, pushed up shipment costs, revised prices have produced seismic shifts in the growth.