Talk on "Navigating monetary policies during COVID"

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The Economics Club, Department of Data Science of CHRIST (Deemed to be University), Pune Lavasa Campus – The Hub of Analytics witnessed an inspiring talk by renowned guest speaker Prof N R Bhanumurthy (Vice-Chancellor of Bengaluru, Dr B R Ambedkar School of Economics University) on "Navigating monetary policies during COVID" on 9th of October 2021.


Dr Samiksha Shukla, Head of the Department, welcomed the gathering. Teres Augustine, 2nd Year MSc student, introduced the guest speaker Prof N R Bhanumurthy then addressed the meeting by explaining the importance of the monetary institution- RBI's primary role in the nation's economy and stated the RBI governor as the chief of defence staff of the Indian economy. He said that aggregate demand collapsed, and the economy experienced a decline of one-fourth of its GDP. He added that the monetary policy looks over the long-term fluctuations, emphasizing inflation management, and fiscal policy focuses on short-term fluctuations acting upon the demand factor of the economy. He also commented that there was a role reversal, where monetary policy took centre stage while fiscal policy took a step back. Conventionally it was the other way around, especially during a predicament like a natural disaster.


He said that "Since there was an absolute decline in the aggregate demand, we had the stimulus package". He stressed the vital role of RBI and also stated that the RBI had also pegged inflation at 5.2%. But he disagreed, saying many economists believe that the expected inflation would reach 6%. But he reiterated that RBI believes inflation is not of significant concern and does not want to hinder the economy's recovery.

He also emphasized that RBI must focus on reversing the monetary policy, as a long-term policy decision would impact the economy to affect inflation. He then commented about the federal reserve's role in managing this pandemic. The Fed intends to reverse its monetary policy in the upcoming fiscal year but is wary of the reactions from the market participants and politicians. Finally, he stated, "Despite all the disturbances, RBI did a good job as it is the only organization that works hard 24/7".

The talk progressed with a Q&A session, and participants raised their questions. Prof N R Bhanumurthy answered all the questions raised, thus bringing the talk to an end.

Dr Kedar Vishnu, the Economics Coordinator, concluded with a vote of thanks. The talk led to healthy discussions and deliberations on the current state of the economy during the pandemic, providing a clear picture of how the monetary policy must be utilized effectively.



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