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:
Measures announced today can be divided into 4 categories: to improve functioning of markets,to support exports&imports,to ease financial stress by giving relief on debt servicing&better access to working capital&to ease financial constraints faced by state govts:
The GDP growth in 2020-21 is expected to remain in the negative category with some pick up in second half: RBI Gov.
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: RBI Governor Shaktikanta Das addresses media said 4.4 % to 4%. Reverse repo rate stands reduced to 3.35%:
Industrial production shrank by close to 17% in March with manufacturing activity down by 21%. Output of core industries contracted by 6.5%:
Three-month moratorium we allowed on term loans&working capitals we allowed certain relaxations. In view of the extension of the lockdown&continuing disruption on account of #COVID19, these measures are being further extended by another 3 months from June 1 to Aug 31: RBI Guv
The Group Exposure Limit of banks is being increased from 25% to 30% of eligible capital base for enabling the corporates to meet their funding requirements from banks. The increased limit will be applicable up to 30th June, 2021:
It has been decided to relax rules governing withdrawal from Consolidated Sinking Fund (CSF) while at the same time, ensuring depletion of fund balance is done prudently. It will enable states to meet about 45% of redemption of their market borrowings which are due in 2020-21:RBI