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.
After Kerala, now the speed of corona infection is increasing in Himachal as well. Here on Tuesda
Former Law Minister Ashwini Kumar reacted to the Supreme Court's interim order regarding the Waqf
Coronavirus can spread up to 20 feet, needs change in 6-foot social distancing rule
6 feet social distancing is not enough for avoid coronavirus infection A new disclosure has been
After the stampede in Prayagraj during the Mahakumbh, Railway Minister Ashwini Vaishnav reviewed
Police action in Pune communal violence case, FIR against more than 500 people; 17 detained
On Friday, two groups clashed after an alleged objectionable social media post in Yavat village o
Scary news coming from Noida and Ghaziabad, Corona infected students found in schools; stirred up
There has been a stir in private schools in Noida and Ghaziabad districts of Uttar Pradesh after
Judiciary: President unveiled new flag and symbol for Supreme Court, said this on pending cases
President Draupadi Murmu on Sunday stressed the need to change the culture of dates in courts and
Russian school shooting kills 13; The attacker shot himself
At least 13 people have been killed and more than 20 injured in a shooting at a Russian school. I
The investigation has started into the accounts of people associated with Vicky Gupta and Sagar P
Who is Hamas Commander Ibrahim Biyari: Israel killed and killed Jews since 2004
The war between Israel and Hamas has been going on for more than three weeks. So far, more than n
