Mumbai: The repo rate cut by 40 basis points from 4.4 % to 4%. Reverse repo rate stands reduced to 3.35%. This is announced by the Reserve Bank of India (RBI) Governor Shaktikanta Das.
“Global services PMI recorded the steepest decline in history; Value of global trade can contract by 13-32% this year,” says RBI Governor. “Global economy inexorably headed into recession” says RBI Governor Shaktikanta Das.
“The GDP growth in 2020-21 is expected to remain in the negative category with some pick up in second half,” says RBI Governor Shaktikanta Das.
Domestic economy impacted severely by #COVID19; demand has plunged in many sectors; biggest blow has been on private consumption says RBI Governor Shaktikanta Das.
“Industrial production and output of core industries have also shrunk significantly,” says RBI Governor. Investment demand has virtually been halted by a decline of 36% in the production of capital goods in March says RBI Governor.
Amidst this encircling gloom agriculture and allied activities have, however, provided a beacon of hope on the back of an increase of 3.7% in food grain production to a new record says RBI Governor Shaktikanta Das. Beyond the destruction of economic and financial activities, livelihood and health are severely affected. Judging that the risks to growth are acute while the risks to inflation are likely to be short-lived says RBI Governor Shaktikanta Das
India’s foreign exchange reserves have increased by 9.2 billion during 2020-21 from 1st April onwards. So far, up to 15th May, foreign exchange reserves stand at 487 billion US dollars informed Reserve Bank of India (RBI) Governor Shaktikanta Das.
RBI to roll over Rs 15,000-cr refinance facility for SIDBI for 90 days. RBI increases export credit period to 15 months from 1 yr says RBI Governor Shaktikanta Das.