Agriculture and allied activities have given a beacon of hope for the country, said the RBI Governor.
"Assuming that economic activity gets restored in a phased manner in the second half of this year and taking in consideration favourable base effect, it is expected that combined fiscal, monetary and administrative measures now undertaken by both the government and RBI create conditions for gradual revival of activities in the second half of 2020-21".
The Reserve Bank of India (RBI) on Friday slashed interest rates, extended moratorium on loan repayments and allowed banks to lend more to corporates in an effort to support the economy which is likely to contract for the first time in over four decades. However, the decision to extend the moratorium period by another 3 months is a significant negative for the private banks both in the medium and long term. Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, were shifted across the board by three months. It is being speculated that with the extension of the lockdown till May 31, the moratorium will be extended for a period of another three months.
US President Trump responds to golfer McIlroy's criticism of COVID-19 response
McIlroy said Trump was "very charismatic" and "nice to everyone" whether they were in the cart barn or a pro at the club. Trump, an avid golf fan, said he wanted "to have big crowds for the Masters" in November.
The RBI had also announced in March that all lending institutions are allowed to defer interest payment on working capital repayments outstanding on March 1, 2020, by three months.
The rate cuts did little to soothe investor fears, with shares in Mumbai falling nearly two percent Friday.
Among other regulatory measures, the Indian central bank hiked the group exposure limit for banks to 30 per cent from 25 per cent.
He further reported that Industrial production shrank by close to 17% in March with manufacturing activity down by 21%.
Deandre Baker turns himself in on robbery, assault charges
Baker was a first-round pick (30th overall) by the Giants in the 2019 draft after starring at the University of Georgia. We have no further comment at this time", it said in a statement, according to ESPN .
There will be gradual revival of activity and demand by the second half of FY21, said RBI governor.
"Assuming that economic activity gets restored in a phased manner in the second half of this year and taking in consideration favourable base effect, it is expected that combined fiscal, monetary and administrative measures now undertaken by both the government and RBI create conditions for gradual revival of activities in the second half of 2020-21.
The top 6 industrialised states that account for about 60 per cent of industrial output are largely in red or orange zones", RBI governor Shaktikanta Das said. "Elevated level of inflation in pulses worrisome, requires review of import duties", he said.
Headline inflation may remain firm in the first half of the year and may ease in second half.
New Coronavirus Vaccine Candidate Shows Promise In Early, Limited Trial
Yet there isn't a guarantee that any of the most advanced vaccine candidates will prove to work safely on such a short timetable. While the vaccine had promising results in the lab, it's not known if it will protect people in the real world.
Inflation is expected to fall below the 4 percent target by Q3, Q4, the RBI Governor said. Considering the current situation due to COVID-19 outbreak, this change has been made said Shaktikanta Das.