RBI Governor Said – GDP of India will be 1.9% due to Corona, Best in G20 Countries

Last updated Apr 21, 2020

New Delhi : The government can take big steps to revive the economy that is suffering due to Coronavirus epidemic. 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.

For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround & resume its pre-covid, pre-slowdown trajectory by growing at 7.4% in 2020-21: RBI Governor Shaktikanta Das pic.twitter.com/DviEHgz7Vu
— ANI (@ANI) April 17, 2020

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.

Shaktikanta Das said that even in the midst of this crisis, the agricultural sector is sustainable, we have buffer stock. He said that the monsoon rains are expected to be good this year, there was a good increase in tractor sales in February.

The RBI governor said in a press conference that in March 2020, there has been a huge decline in exports, despite the foreign exchange reserves of $ 476 billion, which is enough for 11 months of imports. Crude oil prices are continuously decreasing in the world, which can benefit.

Significantly, due to the Corona crisis, the condition of the Indian economy is quite bad. Due to the lockdown, almost all kinds of jobs are closed and every day 35 thousand crores are being lost. In the first phase of the lockdown, the GDP of the country has lost about 8 lakh crore rupees.

Central banks around the world are active to save their economy and the Reserve Bank is also not behind in this matter.

Earlier on March 27, RBI Governor Shaktikanta Das reduced the repo rate by 75 basis points to 4.4%. It is believed that this step will give relief to people in their EMI. Also, a loan will be available at a lower rate. This step will help the banks to increase their liquidity. They will also be able to give more loans.

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