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.
Nepal warns India not to build a road in its area, claims three areas; Know the controversy
The border dispute between India and Nepal is once again in the headlines. Nepal has issued a war
Two more people died on Saturday in the LPG tanker blast accident in Jaipur. The death toll in th
Vaccine maker Novavax said on Monday that its vaccine is highly effective against COVID-19 and pr
Moderate tremors of earthquake were felt in southern Iran on Wednesday. The European-Mediterranea
An MoU has been signed between the CICA Secretariat and the Eurasian Economic Commission (EEC) of
Taliban leader Mullah Baradar said - there was no intention to kill Ashraf Ghani
Afghan Deputy Prime Minister Mullah Abdul Ghani Baradar has said the Taliban had no intention of
Former India pacer and Delhi Capitals assistant coach Ajit Agarkar believes that no team is an ou
Jharkhand High Court said- 15-year-old Muslim girl is free to marry of her choice
Jharkhand High Court Justice SK Dwivedi's bench has said that under the Muslim Personal Law, a Mu
The second wave of Corona will increase havoc! Death toll from corona in India may double
Coronavirus, which has caused a major crisis in India in the last few weeks, can wreak havoc in t
India and Nepal dispute over just 10 yards of land: ground report
"Our generations passed away. We grew from child to old age. But today never realized that it is
