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.
The air quality in the country's capital Delhi is worsening. Due to this, the people of Delhi are
Sourav Ganguly hospitalized in Kolkata after deteriorating health
Sourav Ganguly, president of BCCI and former captain of the Indian cricket team, has been admitte
RBI again increased the repo rate by 50 basis points, home, and car loans will be expensive
RBI Governor Shaktikanta Das announced an increase of 50 basis points in the repo rate on Wednesd
ICAI CA November 2022: The Institute of Chartered Accountants of India (ICAI) is all set to condu
Prime Minister Narendra Modi's mother Heeraben passed away at the age of 100. After this, many le
In many states of the country, the falling temperature has started showing its effect. Changes in
COVID-19: Corona cases increased again, 21,566 new cases in 24 hours, infection rate 4.25 percent
On Thursday, a jump in new cases of the corona was registered in the country. In the last 24 hour
Remains of ancient temple found during excavation of Shri Ram Janmabhoomi in Ayodhya, see picture
Remains of an ancient temple have been found during excavation at Shri Ram Janmabhoomi. Which inc
Ranbir Kapoor is in the news these days about his upcoming film 'Ramayana'. Every day some news r
Chief Minister Charanjit Singh Channi today announced that the power tariff in Punjab has been cu
