RBI Governor Shaktikanta Das addressed the media at 10 am today post Finance Minister gave details of the Rs 20 lakh crore economic relief package to help the economy recover from the coronavirus pandemic.
Key Highlights:
1. Repo rate reduced by 40 bps to 4%
2. Private consumption impacted most by COVID-19
3. Food inflation increased to 8.6% in April 2020
4. MPC says inflation to fall below 4% in Q3 and Q4 of 2020
5. GDP growth to remain in negative this year
6. Gross domestic product will remain in negative territory this year with some pickup the second segment.
7. India's forex reserves increase by Rs 9.2 billion, stand at $ 487 billion, the equivalent of 1 year of imports
8. Loan moratorium extended 31 August, 2020
9. Lending institutions are being permitted to restore the margins for working capital to the origin level by 31 March 2021.
10. 90 days extension to term loans offered to provide greater flexibility of SIDBI to provide additional liquidity support to the MSME sector
11. To manage importers' operative cycle, outward remittances against normal imports into India, is bought to 6 months from 12 months
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