The government can take big steps to revive the economy that is suffering due to Coronavirus catastrophe. In this episode, Reserve Bank of India (RBI) Governor Shaktikanta Das held a press conference today. The RBI governor said that in the midst of the Corona crisis, the bank is monitoring all the situations, decisions are being taken at every step.
He said that at present, more than 150 officers are working continuously despite quarantine and are ready to deal with every situation. Shaktikanta Das said that the IMF has predicted that the biggest recession will be coming in the world, which is a bell of danger. There has been a huge decline in imports and exports in many countries.
Due to the Corona crisis, India’s GDP will grow at a rate of 1.9, this is the best situation in G20 countries. There is an estimated loss of $ 9 trillion in the world.
RBI Governor estimates 1.9% growth this year. Power demand down by 25-30% due to lockdown: RBI Governor. Foreign exchange reserves amount to $ 476 billion, which is enough for 11 months of imports: RBI Governor.
Cash supply equivalent to 3.2% of GDP to increase cash: RBI Governor. No downtime of the internet or mobile banking during lockdown; banking operations normal, “says RBI Governor. Reverse repo rate reduced by 0.25% to 3.75%, no change in repo rate.1 Year Extension to Commercial Realty Project Loan: RBI Governor.
Banks will not give dividend till further orders from profits: RBI Governor.