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

Crowds enter madrassa in Karnataka on Dussehra: worshiped with slogans of Jai Shri Ram, 4 arrested; Home Minister said – it happened in misunderstanding

Some people participating in the Dussehra rally in the Bidar district of Karnataka barged into an

PM Modi Nepal Visit: PM Modi leaves for Nepal, and will offer prayers at Maya Devi temple in Lumbini

PM Narendra Modi will visit Nepal today on the occasion of Buddha Purnima. Modi will visit Lumbin

Center issued warning to 16 states regarding locusts, India is buying new equipment

Locusts have attacked many states of India from Pakistan through Rajasthan. This locust has destr

PCS Jyoti Maurya Case: Another shocking case against Home Guard Commandant Manish Dubey, difficulties will increase

The difficulties of Home Guard Commandant Manish Dubey found guilty of serious charges of having

Amitabh Bachchan's health deteriorated? Said - heartbeats are increasing. now I am worried

Bollywood megastar Amitabh Bachchan is almost 80 years old, but even at this stage, he does not c

Corona Cases In India : Corona patients increasing due to XBB1.16, genome sequencing scientists gave information

For three years, many variants of the coronavirus and their mixed sub-variants are coming out. Re

UP Budget 2024: Amidst election preparations, the tune of Ramrajya... message of implementation from the budget; Analyst said – this is a big thing

The beginning of the new era that Prime Minister Narendra Modi had announced at the consecration

UP Rain: Rain wreaks havoc in UP, 17 people lost their lives in 24 hours; Orders to close schools in these districts

For the last three days, the situation has been miserable due to continuous rain in many district

'This is Modi's war...', US connects India with Russia-Ukraine war amid tariff war

Hours after US President Donald Trump imposed a massive 50 per cent tariff on India, his trade ad

Major accident in eastern Taiwan, 48 people killed due to derailment of train; Many injured

In eastern Taiwan, 48 people died after a train partially derailed after hitting a vehicle fallin

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



Play Free Quiz and Win Cash