RBI CUTE REPO RATE AMID COVI19- CRISISI :
India's GDP to grow at 7.4 per cent in 2020-21, RBI Governor Shaktikanta Das
NEW DELHI : Reserve Bank of India Governor Shaktikanta Das. on Friday said that the International Monetary Fund's projection of 1.9 per cent GDP growth for India is highest among G20 nations and that the country is expected to post a sharp turnaround in 2021-22.
Keeping in view the current scenario, Das said, the RBI will provide Rs 50,000 Crore special finance facility to financial institutions such as Nabard, Sidbi and NHB.
The RBI also reduced the fixed reverse repo rate under liquidity adjustment facility by 25 basis points from 4% to 3.75%, with immediate effect.
"On April 14, International Monetary Fund released its global growth projections revealing that in 2020, the global economy is expected to plunge into the worst recession since 'The Great Depression'," said the RBI Governor.
India's GDP to grow at 7.4 per cent in 2020-21, RBI Governor Shaktikanta Das
"For 2020-21, IMF projects sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround and resume its pre-Covid, pre-slowdown trajectory by growing at 7.4 per cent in 2020-21," he added.
Addressing through a video conference, Das said that the RBI is monitoring the situation developing out of Covid-19 outbreak. He said banks, financial institutions have risen to occasion to ensure normal functioning during the outbreak.
"Today, humanity is facing the trial of its time, as COVID-19 grips the world with its deadly embrace. In this kind of environment Reserve Bank of India has been very proactive and monitoring the situation closely," the RBI Governor said.
India's GDP to grow at 7.4 per cent in 2020-21, RBI Governor Shaktikanta Das
Das also pointed out that automobile production, sales declined sharply in March and electricity demand has fallen sharply
"Contraction in exports in March was at 34.6 per cent -- much more severe than global financial crisis of 2008-09," said RBI Das.
Das said the RBI will announce new measures to maintain adequate liquidity in system, facilitate bank credit flow and ease financial stress.
India's GDP to grow at 7.4 per cent in 2020-21, RBI Governor Shaktikanta Das
 |
India's GDP to grow at 7.4 per cent in 2020-21, RBI Governor Shaktikanta Das
|
NEW DELHI : Reserve Bank of India Governor Shaktikanta Das. on Friday said that the International Monetary Fund's projection of 1.9 per cent GDP growth for India is highest among G20 nations and that the country is expected to post a sharp turnaround in 2021-22.
Keeping in view the current scenario, Das said, the RBI will provide Rs 50,000 Crore special finance facility to financial institutions such as Nabard, Sidbi and NHB.
The RBI also reduced the fixed reverse repo rate under liquidity adjustment facility by 25 basis points from 4% to 3.75%, with immediate effect.
"On April 14, International Monetary Fund released its global growth projections revealing that in 2020, the global economy is expected to plunge into the worst recession since 'The Great Depression'," said the RBI Governor.
India's GDP to grow at 7.4 per cent in 2020-21, RBI Governor Shaktikanta Das
 |
India's GDP to grow at 7.4 per cent in 2020-21, RBI Governor Shaktikanta Das
|
"For 2020-21, IMF projects sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround and resume its pre-Covid, pre-slowdown trajectory by growing at 7.4 per cent in 2020-21," he added.
Addressing through a video conference, Das said that the RBI is monitoring the situation developing out of Covid-19 outbreak. He said banks, financial institutions have risen to occasion to ensure normal functioning during the outbreak.
"Today, humanity is facing the trial of its time, as COVID-19 grips the world with its deadly embrace. In this kind of environment Reserve Bank of India has been very proactive and monitoring the situation closely," the RBI Governor said.
India's GDP to grow at 7.4 per cent in 2020-21, RBI Governor Shaktikanta Das
"Contraction in exports in March was at 34.6 per cent -- much more severe than global financial crisis of 2008-09," said RBI Das.
Das said the RBI will announce new measures to maintain adequate liquidity in system, facilitate bank credit flow and ease financial stress.
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