The Reserve Bank said for the first time - the country's GDP may remain negative in 2020-21, read the big things in the press conference


Posted on 22nd May 2020 12:09 pm by rohit kumar

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.

2 Like 0 Dislike
Previous news Next news
Other news

Sisodia's resignation was already ready! The Chief Minister accepted the resignation after not getting relief from the Supreme Court.

Deputy Chief Minister Manish Sisodia's three-page resignation may have come out on Tuesday, but r

Kohli praised this team for helping migrants in lockdown, said this in praise

New Delhi: A team from Uttarakhand, playing amateur cricket in the National Capital Region, helpe

India In UN: 'India fought terrorism with zero tolerance, the fight will continue'- Ruchira Kamboj

India's Permanent Representative to the United Nations (UN) Ruchira Kamboj said on Wednesday that

Pakistan: Commission may be formed to investigate the attack on Imran, PM Shahbaz Sharif recommended after allegations against himself

A court commission may be set up to investigate the attempt to assassinate Imran Khan. It has bee

PM Modi's Europe Visit: PM Narendra Modi arrived in Berlin, said- I believe that the friendship between India and Germany is strong

Prime Minister Narendra Modi is on a three-day visit to Europe. Modi reached Germany's capital Be

Country to get 75 new Vande Bharat trains soon, trial run before August 15; Learn Features

In an attempt to reach Prime Minister Narendra Modi's target of running 75 'Vande Bharat' trains

Amar Singh Chamkila's daughter is upset with Imtiaz Ali, accused of showing incomplete truth in the film and ignoring his first wife

Diljit Dosanjh and Parineeti Chopra's film Amar Singh Chamkila was released a few days ago. 

Modi said- 3 crore people start world's largest vaccination program, don't forget to get the second dose

Prime Minister Narendra Modi introduced Corona vaccination through video conferencing at 11.05 am

H3N2 Influenza In Assam: First case of H3N2 came to light in Assam, health department is on alert

H3N2 Influenza In Assam: The first case of H3N2 influenza has been reported in Assam and the heal

Weather Report: Flood warning in these states of the country, heavy rain alert issued in many districts of UP and Bihar

The rains of the second round of monsoon have gained momentum in many states of the country. Whil

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash