Growth is projected to be negative in the first six months of 2020-21
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The RBI governor’s third Atmanirbhar Gujarat Sahay Yojana form download press conference in two months amid the Corona crisis
So far, the governor has announced measures to boost the economy and increase liquidity.
Reserve Bank of India (RBI) Governor Shaktikant Das held a press conference on Friday. It has announced a 0.40 per cent cut in the repo rate. This will reduce the repo rate from 4.40 per cent to 4 per cent. The reverse rate has been reduced from 3.75 per cent to 3.35 per cent. Atmanirbhar Gujarat Sahay Yojana form download
The grace period for repayment of loan installments has been extended for another 3 months. This benefit will continue till August. Five out of six members of the Monetary Policy Committee voted in favor of reducing the repo rate. The committee was scheduled to meet on June 3, but it was held earlier.
PMI at 11-year low
The coronavirus has hurt the economy. The global manufacturing PMI fell to an 11-year low in April. Atmanirbhar Gujarat Sahay Yojana form download According to the WTO, business in the world could fall by 13-32 per cent this year.
Economic activities in the country have been badly affected by the two-month lockdown. Atmanirbhar Gujarat Sahay Yojana form download Most of the top-6 states with industry are in the Red and Orange zones. Tindustries of these states contribute 60 per cent to the economic activities.
Given the impact of Corona, GDP growth is projected to remain negative in the first six months of 2020-21. Atmanirbhar Gujarat Sahay Yojana form download There could be some boom in the next six months.
The RBI is constantly monitoring the situation. Our team has an eye on all segments of the economy. In February we said that Corona would slow down global growth. Since then the RBI has made many decisions on the issue of liquidity.
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The third press conference in the last two months
RBI Governor Shaktikant Das will hold his third press conference in the last two months to address the issue of coronavirus. The RBI governor held the first press conference on March 27 and the second press conference on April 17. Atmanirbhar Gujarat Sahay Yojana form download In both these press conferences, the governor announced a number of measures to boost the economy and increase liquidity in the banking sector.
