Can India’s financial system weather Covid-19?

Meghnad Desai, chair of the OMFIF Advisory Council and emeritus professor at the London School of Economics and Political Science, and James Crabtree, associate professor at the Lee Kuan Yew School of Public Policy, join OMFIF’s Brandon Chye to discuss the Indian financial system and its capacity to handle the economic fallout from the Covid-19 pandemic.

Note: Since this podcast was recorded, the Reserve Bank of India convened an emergency policy meeting on 27 March to cut its benchmark repo rate by 75 basis points to 4.40%, the cash reserve ratio for Indian banks by 100 basis points to 3%, as well as implement moratoriums and deferment of loans. The Indian government has announced a Inr1.7tn ($22.6bn) fiscal stimulus to cushion the economic impact of Covid 19. The three-week nationwide lockdown implemented on 24 March is set to be extended for two weeks.

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