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

Mamata to set up team to implement investment proposals

Kolkata, Jan 8 (IANS) Aiming to expedite the formalities over deals signed with the industry, W

Saradha scam: Madan Mitra denied bail again, judicial custody extended (Second Lead)

Kolkata, Jan 2 (IANS) A court here Friday again rejected the bail plea of West Bengal Transport

The biggest fall in the price of crude oil, know how much India will benefit

For the first time since 1986, the price of crude oil went below zero. This is the largest declin

Minister Satyendra Jain Said- 24 People Present In Markaz Building Turned Positive, 700 People Quarantined

new Delhi. 24 people in the Markaz Building in Nizamuddin in the capital turned out to be positiv

Child Marriage leaves deep Psychological Scars (Societal Feature)

Rajsamand (Rajasthan), March 1 (IANS) Shivlal is a studen

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