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Business/Economy National

RBI Governor Shaktikanta Das reduces repo rate

 

RBI Governor Shaktikanta Das’s press conference: 2020 is the year of the biggest recession for the global economy

New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das is holding the press conference. Corona virus is causing damage to the economy. In such a situation, this conference of Das is important to protect the economy from the damage caused by the lockdown. He is addressing via video conferencing.

Important Points:

  • RBI is cautious about the corona virus. The Reserve Bank is closely monitoring this. 2020 is the year of the biggest recession for the global economy.
  • The country has sufficient reserves of foreign exchange. However, the country’s export conditions have been very poor in March. The forex reserve is currently 476.5 billion.
  • India’s position in G-20 countries will be better.
  • Efforts are on to maintain normal banking business in the country.
  • India’s economic growth rate is expected to be 1.9 percent.
  • Services PMI declined in March.

Despite the lockdown, the sowing situation in the agriculture sector has been better.
Also announced on March 27

Earlier on 27 March, RBI Governor Shaktikanta Das announced that the repo rate has been cut by 0.75 per cent and it has been reduced from 5.15 per cent to 4.40 per cent. Also, the RBI governor had advised banks to provide relief to customers for EMI for the next three months.

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