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.
In IPL 2025, Royal Challengers Bangalore had to face defeat at home against Gujarat Titans on Wed
Due to the decrease in the speed of corona in the whole world, some countries have now stepped fo
Will Rohit Sharma and Virat Kohli be given farewell in Australia? BCCI finally breaks silence
Board of Control for Cricket in India (BCCI) Vice President Rajeev Shukla has put an end to specu
Congress won the Mandi Lok Sabha seat and all three assembly seats in Himachal Pradesh. With this
China: China wants to control Pakistan's media, shocking revelation in American report
A shocking revelation has been made in an American report. It has been claimed in this report tha
US President Donald Trump is currently on a tour of West Asia (the Middle East). On Wednesday, a
The film 'Saalar' will be released in two parts. The first part of the film has been released tod
America has again stated the matter amid allegations against India regarding the conspiracy to mu
BCCI's big announcement from IPL: Doubled the pension of retired players, 900 players will benefit
BCCI has announced to increase the monthly pension of retired cricketers by 100%. This will benef
Amidst Corona crisis, Army Chief met PM Modi, Narwane gave information about preparations
Army Chief Manoj Mukund Narwane met Prime Minister Narendra Modi today amid growing Corona cases
