Updated Jan 18, 2021 | 17:19 IST
Hotels and restaurants are struggling to stay afloat due to the impact of the pandemic. We take a look at what support the industry is looking for from the government. Representational Image
Over four crore people in the hospitality industry have lost jobs due to the pandemic
Restaurants have lost out on 65% of revenues as people are still wary of eating out
The pandemic has been harsh on the economy as a whole, but one sector that has suffered the most due to the nature of its business is the hospitality industry. The concept of eating out has changed drastically thanks to Covid-19. Restaurants are struggling to stay afloat with the 50 per cent occupancy restrictions, and smaller budget hotels are suffering the most. So what does the industry expect from the budget this year and how are restaurants holding up?
Emerging markets economies (EMEs) such as India will have to build reserves to mitigate spillovers of loose monitoring policies pursued by developed nations, even at the risk of being labelled currency manipulator by the US government, Reserve Bank of India (RBI) governor Shaktikanta Das on Saturday said. “Under (an) uncertain global economic environment, EMEs typically remain at the receiving end. In order to mitigate global spillovers, they have no recourse but to build their own forex reserve buffers, even at the cost of being included in currency manipulators list or monitoring list of the US Treasury,” governor Das said while delivering the annual Nani Palkhivala lecture.
RBI Governor Shaktikanta Das.
| Photo Credit:
PTI
The Reserve Bank of India is positioning itself to provide an enabling environment where regulated entities are catalysed to exploit these new avenues while maintaining and preserving financial stability.
Reserve Bank of India Governor Shaktikanta Das on Saturday said the financial stability is a public good, and its resilience and robustness need to be preserved and nurtured by all stakeholders.
Delivering the 39th Nani Palkhivala memorial lecture through a virtual platform, he said the central bank has directed its policy efforts to put in place a state-of-the-art national payments infrastructure, ensuring safe, secure, efficient and cost-effective robust payments ecosystem.
RBI Governor Shaktikanta Das on Saturday said the financial stability is a public good, and its resilience and robustness need to be preserved and nurtured by all stakeholders.