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.
Prime Minister Narendra Modi participated in the Empowered Women Development India program today.
'His place is in Tihar jail', CM Saini attacked Kejriwal; called him a black spot for Haryana.
Haryana Chief Minister Nayab Singh Saini on Sunday fiercely targeted former Delhi Chief Minister
US President Joe Biden has announced the name of the new US ambassador to India. According to thi
On September 5, South cinema veteran Thalapathy Vijay's film GOAT was released in theaters. Since
King Kohli was left behind! After Joe Root, now Steve Smith is also ahead of Virat in Fab 4
Australia's swashbuckling batsman Steve Smith has put the team in a strong position in the second
Sad news has come from the South film industry. Well-known stunt artist SM Raju died during the s
The fourth match of the five-match Test series is being played between India and England at Old T
Oppo A16s launch: This smartphone of Oppo launched with MediaTek Helio G35 processor at a low price
Popular smartphone company Oppo has launched its budget smartphone A16s. It has been launched in
Anti-hijab protests that began on September 16 in Iran are still ongoing. Meanwhile, media report
The ongoing encounter between terrorists and security forces in Kulgaon, Jammu, and Kashmir ended
