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What is the News?
The Reserve Bank of India(RBI) Governor has delivered his keynote address at the National Management Convention of the All India Management Association (AIMA).
What are the key highlights of his address?
On Covid-19 Impact
The Covid-19 has impacted the poor relatively more than others. It has affected contact-intensive service sectors, which employ a large number of informal, low-skilled and low-wage workers,
However, it has also unleashed “creative destruction” which will boost productivity and can alter the course of development.
Note: Creative destruction is the dismantling of long-standing practices in order to make way for innovation, and is seen as a driving force of capitalism.
On Digitisation
Automation and Digitisation can improve productivity, growth and income. But there can also be an emergence of a “digital divide” as digitisation gains speed after the pandemic.
What is the way forward then?
There is a need for increased investment in healthcare education, digital and physical infrastructure to ensure sustainable growth and generate employment opportunities.
Source: This post is based on the following article
- “Rising inequality due to Covid pandemic must be bridged: RBI Governor” published in Business Standard on 23rd September 2021.
- “Creative destruction’ dents inclusion, ups output: Das” published in TOI on 23rd September 2021.
