RBI chief Shaktikanta Das today said that the mood of the nation is shifting from despair and fear to hope, adding that GDP growth may turn positive by the fourth quarter. The rural economy looks resilient despite the COVID pandemic, he said.
RBI sees FY21 GDP contracting by 9.5%, Das added. The RBI had so far refrained from providing any forecasts on growth due to the heightened uncertainty.
There is an expectation of three-speed recovery in economic activity, with variation among the sectors, he said.