Government, corporates need to invest more for recovery: SBI chairman Rajnish Kumar

印度国家银行主席拉尼什·库马尔：为了促进经济复苏，政府和企业需要加大投资

MUMBAI: The government and corporates have to open up their wallets to invest, and their actions should go hand-in-hand for a quick economic recovery since the vital middle class remains cautious amid ongoing unlocking of the economy, said State Bank of India NSE 0.10 % chairman Rajnish Kumar. In particular, investment in infrastructure should be stepped up, he added.

孟买：印度国家银行主席拉尼什·库马尔表示，由于至关重要的中产阶级在经济持续开放的情况下仍持谨慎态度，为了经济快速复苏，政府和企业必须加大投资，携手行动。他补充说，特别应该加大对基础设施的投资。

The ongoing payments moratorium has achieved the limited purpose it was aimed at, and the Reserve Bank of India now has to look at providing restructuring relief to banks which would then determine who would qualify for loan recast, he said.

他说，目前的延期还款措施已经达到了预期的有限目的，印度储备银行现在必须考虑向银行提供重组救济，然后由银行决定谁有资格获得重组贷款。

“It’s important that expenditure be stepped up by the government and corporates,” Kumar told ET in an interview ( Read full interview). “The money which is put in the system will give a fillip to consumption demand and infrastructure investment. The money put in the hands of people through direct benefit transfers is hel boost rural demand. The middle class also plays a pivotal role, and for that segment to spend, the fear of Covid-19 has to go away.”

库马尔在接受经济时报采访时表示：“政府和企业增加支出是很重要的。注入金融体系的资金将刺激消费需求和基础设施投资。通过直接福利转移发放到人们手中的资金有助于刺激农村需求。中产阶级也发挥了关键作用，要让他们消费，就必须消除对疫情的恐惧。”

As the lockdown continues for the fifth month in one form or the other, industry and bankers are looking to revive businesses that are cash-strapped. There is a growing consensus that the moratorium may not be needed, but there should be flexbility in loan repayments through restructuring and relaxng of provisioning norms for such rejig.

由于封锁持续了5个月，行业和银行都在寻求重振资金短缺的企业。越来越多的人认为，可能没有必要延期还款，但应通过重组和放宽此类调整的拨备标准，灵活偿还贷款。

“We don’t need an across-the-board moratorium now. We (are) saying that the future course of action should be left to the bank and the borrower,” said Kumar. “What the RBI can do is if the bank is satisfied with the intent of the borrower and normalisation in cash flows, it can give some relief.”

库马尔表示：“目前我们不需要全面延期还款，未来的行动应该由银行和借款人决定。如果银行对借款方的意图和现金流正常化感到满意，印度储备银行能做的是提供一些救济。”

Although economic activity could shrink for the full fiscal year with some economists forecasting as much as 10% contraction in GDP, Kumar said the situation is improving. “In June, there has been a fairly good recovery and we saw that many industries have come back to 75-80% of their capacity utilisation levels. But there has been continued supply chain disruption because of the local lockdowns,” said Kumar. “In many cases, it so happens that a unit may be sourcing parts from an area where there is a lockdown, and that is having an impact. Overall, I believe we are in a much better position than where we were in April and May.”

库马尔说，尽管整个财年的经济活动都可能收缩，一些经济学家预计印度国内生产总值(GDP)可能萎缩10%，但情况正在改善。他说:“6月份出现了相当不错的复苏，我们看到许多行业的产能利用率已经回升到75-80%。但是由于某些地区的封锁，供应链持续中断。在很多情况下，一家企业可能需要从封锁地区采购零部件，这就产生了影响。总的来说，我认为我们现在的情况比4月份和5月份要好得多。”

印度经济时报读者的评论：

译文来源：三泰虎 http://www.santaihu.com/p/50498.html    译者：Jessica.Wu

Krishnamurthy Rengaswami

A pick up in credit demand , particularly from middle class consumers, is going to be slack for the next couple of years. This would indirectly affect investment and production in consumer durables sector. Focus should be on how to turn this positive by incentivizing consumption and demand. Much easier said than done.

信贷需求的回升，尤其是来自中产阶级消费者的信贷需求，在未来几年将会疲软。这将间接影响耐用消费品领域的投资和生产。重点应该放在如何通过刺激消费和需求来扭转这种局面，但是说起来容易做起来难。

Pratyay Bhaumik

Govt needs to spend/invest as they have created the mess .Corporates need to invest as they are enjoying lower taxation and low interest rate.

政府应该加大投资，因为他们制造了混乱。企业也要加大投资，因为他们享受着更低的税收和贷款利率。

Shashank Gattapally

Who has money to invest when every rupee is going to hospitals and health care.

当所有的卢比都流向医院和医疗领域时，谁有钱去投资呢?

Vaman Kirtany

Modiji needs to replace FM Sitaraman with K V Kamat immediately

莫迪应该立即换掉现任财政部长西塔拉曼

Bhagwan Hathiramani

Total should be Rs.15 lakhs tax free for middle class.money will flow in the market.

把中产阶级的免税门槛提高至150万卢比，市场上就有资金流动了。

king nifty

situation will become scary post this pandemic if proper stimulus not announced at the earliest.

如果不尽早宣布适当的刺激措施，疫情后的形势将变得可怕。

Arbind Pandey

Do whatever u want but only way is to revive demand and consumption. Unless social security and income for middle lower class guaranteed., economy will be sluggish.

唯一的方法是刺激需求和消费。除非社会保障和中产阶级的收入得到保证，否则经济将会萎靡不振。

Leon Fernandes

the middle class is the backbone.

中产阶级是支柱。

Nilofer Z

RBI will have to mandate banks & Nbfc for moratorium till Mar 21. Else there is going to be mayhem.

印度储备银行必须要求银行和非银行金融机构延期还款，直至明年3月21日，否则会出大乱子。

Padamnoor Pradeep

This world lockdown was the proverbial Straw that not only broke the camel's back but sank Noah's Ark!! Goodbye cruel old world economy! Long live the the new world order!!! Economies which can borrow on favourable terms and implements indemand projects are going to be the new Czars.

众所周知，全球范围内的封锁是一根救命稻草，但它不仅压断了骆驼的脊背，还击沉了诺亚方舟!!再见，残酷的旧世界经济!新世界秩序万岁!!能够以优惠条件借贷并实施内需项目的经济体将成为新的“沙皇”。

Muralidhar Gopalkrishnan

Restructure and Refinance is the need of the hour... whether it is MSME sector or the middle class everyone has a right to fight... not all people and companies are wilful defaulters.

重组和再融资是当务之急…无论是中小微企业还是中产阶级，每个人都有权利抗争，并不是所有的人和公司都是故意违约的。

SkyWalker

Modi Govt loves to decrease interest rates and increase taxes and prices of essentials. It is catastrophic for middle class more so for senior citizens

莫迪政府喜欢降低利率，提高税收和必需品的价格，这对中产阶级而言是灾难性的，对老年人更是如此

king nifty

forget the recovery..situation gone for bad to worse due to lockdown. from last year we have been saying this to address consumption side revival due to consumption slow down. but govt gave a hefty package to corporate tax cut. Now moratorium mess creating confusion on the retail loans. without creating enough jobs and addressing consumption side story recovery will not happen forever. We will be stuck in 4-6% growth forever due to policy mismanagement and corporate centric tax policies.

忘了复苏吧. .由于封锁，情况变得更糟了。从去年开始，我们一直说要刺激消费，但政府却制定了一套企业减税方案。延期还款给零售贷款带来了混乱，如果不创造足够的就业岗位，不解决消费方面的问题，复苏就永远不会发生。由于政策不当和以企业为中心的税收政策，我们的经济增长将永远停留在4-6%。

Raj Krishnamurthy

for decades they tasted looting in the name of taxes, they won't stop! proof, oil price and service tax such as stamp duties ...

几十年来，他们以税收的名义抢劫，他们不会停止的!证据：油价、服务税（如印花税）…

bsrahmd

aiyaah ! .... just declare tax holiday for the next 2 years for all citizens of India !

未来2年为所有印度公民免税吧！

Dying Indian

Loan restructuring is meaningless buzz. What can they do? Increase the loan duration? It will lead to debt trap as actual payables will become many times over the years

贷款重组毫无意义。能做什么?延长贷款期限?这将导致债务陷阱，因为实际的应付款会在几年里翻很多倍。

Ganesh

Sir, rather than asking corporates to invest, ask Govt to simplify, ease business environment, reduce red tapeism, crony capitalism, obstruction in everything every where culture. Simplify taxation

先生，与其要求企业投资，不如要求政府改善商业环境，遏制裙带zb主义，降低税收，扫清一切障碍。

Subbu India

Increase interest for public deposits. You will be over flooded with public investment.

只要提高公共存款的利息，你会被公共投资淹没的。

Sundar Narayanan

Let first Rajneesh Kumar and other banks reduce interest on over due payment in credit cards.

首先，让银行降低信用卡的逾期利息。