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.
Dobh Srikot village of Uttarakhand. Ankita Bhandari's house is situated in this village situated
Samsung's new foldable phone Galaxy Z Fold 2 has been launched in India. Its price in the Indian
Actor Vidyut Jammwal, known for his powerful action in Bollywood, will now be seen showcasing his
Bangladesh Unrest: BNP leader shot dead, pre-election violence continues unabated in Bangladesh.
Pre-election political violence continues in Bangladesh following the murder of youth leader Usma
Cryptocurrency: The crypto market is back again, bitcoin crosses $ 20000, ethereum climbs 12 percent
For some time now, the crypto market was taking out the tears of investors every day, but now it
After getting bail from the Supreme Court in the Excise Policy Scam case, Arvind Kejriwal of Delh
In the 16th season of IPL, 61 matches of the league round have been played. Now only nine matches
Former Pakistan Prime Minister Imran Khan said on Friday that he is stopping his march in the cap
The 10th installment of PM Kisan Samman Nidhi Yojana will come in the bank account of farmers on
Dhruv Jurail took everyone's heart with his batting in Ranchi. In a difficult situation, Dhruv pr
