New Delhi: The Reserve Bank has given a big relief in the Corona period. The repo rate has been reduced by 0.4 percent to 4 percent. With this decision of RBI, the loan will be cheaper and inflation has been expected to be reduced. However, the Reserve Bank has said for the first time that the country's economic growth rate may remain negative in 2020-21.
Reserve Bank of India Governor Shaktikanta Das announced a cut in the repo rate. The interest rate at which short-term loans are provided to commercial banks by the central bank is called repo rate. RBI Governor Corona was addressing a press conference on the measures taken to revive the country's economy from the crisis. This is the third time the governor of the central bank was holding a press conference on relief measures during the period of lockdown to deal with Corona. Earlier, on 17 April and 27 March, he announced relief measures for the Corona crisis.
Highlights of RBI Governor's press conference
* Reserve Bank of India Governor Shaktikanta Das said that the growth rate in 2021 is likely to be negative. He said that India's foreign exchange reserves increased by 9.2 billion dollars in 2020-21 (from 1 April). India's foreign exchange reserves so far (as of May 15) are 487 billion dollars.
* The output of core industries has decreased by 6.5% and manufacturing has fallen by 21%. There has been a 17% decrease in industrial production in March. Demand and production have decreased. Exports declined by 60.3% in April.
* Shaktikanta Das said that the repo rate decreased from 4.4% to 4%. The reverse repo rate came down to 3.35%. Due to Corona virus, there has been a big loss to the economy. The MPC has decided to cut the repo rate.
* RBI has extended the loan moratorium of banks for 3 months and now its period has been extended till 31 August. That is, customers have got the facility of EMI and postponement of their loan for three months.
* The main inflation rate may remain sharp in the first half, it will moderate in the second half, it may remain below four percent in the third / fourth quarter of FY 2020-21.
* RBI Governor said that demand in India is declining, electricity, petroleum product consumption decline, private consumption decline.
* RBI Governor Das said that the government's revenue has been badly affected due to sluggish economic activity amid the outbreak of Covid-19. The situation of inflation is very uncertain, the huge increase in the prices of pulses is worrying, the import duty needs to be reviewed.
Prime Minister Narendra Modi is on a visit to Saudi Arabia today. This visit is taking place at t
Shah Rukh Khan was asked by a fan, 'How do I study, I don't mind' King Khan gave this funny answer
The audience of Bollywood superstar Shah Rukh Khan's film Pathan is eagerly waiting. On Wednesday
On the occasion of Kargil Vijay Diwas 2024, PM Narendra Modi paid tribute to the brave martyrs. W
India Canada Row The rift between India and Canada has increased significantly in the last few mo
The holy month of worship of Allah, Ramzan will begin with the sighting of the moon. There is a p
In the Birmingham Commonwealth Games, India finished fourth with a total of 61 medals, including
The real reason behind Nikki Payala's painful death was the conservative thinking and narrow mind
GST Revenue: GST revenue increased by 15 percent in December 2022, Finance Ministry gave information
GST revenue in the country has increased by 15 percent to more than Rs 1.49 lakh crore in Decembe
Jio Platforms: sixth major investment in six weeks, Abu Dhabi's company will buy stake
Another foreign company is going to invest in Reliance's Jio platforms. Abu Dhabi's Mubadala Inve
Runway 34 early Rental on Amazon Prime Video: Rocking Star Yash's film KGF Chapter 2 was well rec
