The impact was such that global GDP contracted by 3.5% 2 in 2020. India's GDP contracted by 5.8% 3 in the financial year 2020-21, making it the worst economic Keynote address delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – March 22, 2023 - at the 31st Annual Management Convention of Thrissur Management Association.
We are aiming at an economy and society in which actual inflation rates will be around 2 percent on average, and in which firms and households will behave on the assumption that prices will increase by about 2 percent.