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.
Tickets for the match to be held between India and New Zealand on October 22 at the International
Redmi Note 10 Pro Max sale today, these features will be available with 108-megapixel camera
Xiaomi's latest smartphone Redmi Note 10 Pro Max is getting a chance to buy in the cell today. Th
India-China Ladakh Meeting: India-China military commanders meet amid deadlock over LAC
New Delhi. India-China Ladakh Meeting, an important meeting between India and China is taking pla
Jr NTR and Janhvi Kapoor's film 'Devara: Part 1' is going to be released soon. The film will hit
'Ban on Roza, Namaaz, Haj and Zakat...', Arshad Madani furious at PM Modi's statement on Waqf
Jamiat-Ulema-e-Hind (AM) President Maulana Arshad Madani got angry over Prime Minister Narendra M
Culture and Tourism Minister G. Kishan Reddy said that India is planning to bring National Touris
Arvind Kejriwal government's 'Red Light on Car Off' campaign is once again in discussion in Delhi
Mid-term election primaries have begun in the US. In a recent survey by three agencies, President
The first of the year and the world's largest electronics show i.e. Consumer Electronics Show (CE
The fourth quarter of the financial year 2022-23 was excellent for Bengaluru-based IT company Inf
