The second wave of Coronavirus is wreaking havoc in the country. Many states have a lockdown or lockdown situation. In view of this, Reserve Bank of India (RBI) Governor Shaktikanta Das made an important statement. He said that the second wave of Corona is harmful to the economy and the Reserve Bank is keeping a close watch on the situation. He announced to arrange for an affordable loan of 50 thousand crores for infrastructure connected to Covid.
He said that India was moving towards strong reforms. GDP growth had become positive. But after the second wave, the condition has worsened in the last few weeks. The Reserve Bank is constantly monitoring the situation.
50 thousand crore rupees bank loan
He said that a cash arrangement of 50 thousand crore rupees will be provided for the healthcare infrastructure connected to Covid. Under this, banks will give bank loans to vaccine manufacturers, importers, hospitals, pathology labs, etc. This facility will remain till 31 March 2022. He said that this loan will be at a repo rate i.e. very economical interest rate. Significantly, the repo rate is only 4 percent.
To fix the cash in the system, the Reserve Bank will purchase 35 thousand crore government securities in the next fifteen days. He said that the outlook is quite uncertain. The vaccine will come in most countries in the summer. He said that the forecast of monsoon to be normal this year has been released, which will have a positive effect on inflation. Food production has also been good last year. Business people have learned how to work between physical restrictions. But there will be pressure on demand.
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The economy is under threat again due to the lockdown and corona crisis. In such a situation, this address of Reserve Bank Governor Shaktikanta Das is very important. Economic activities have come to a standstill due to the lockdown being implemented at the state level to prevent corona.
Corona crisis no less
Significantly, the new form of coronavirus is causing huge devastation in the country. Every day new cases of corona are coming from 3.50 lakhs in the country. In the last 24 hours, there have been 3,82,691 new cases of Corona in the country.
The RBI had tweeted and said, “RBI Governor will address the media at 10 am local time.” Last year, the lockdown proved to be very damaging for the economy. In the first quarter of the fiscal year of April 2020, there was a steep decline of about 24 percent in GDP.
In its next quarter too, GDP was negative. The economy technically reached a period of recession due to the decline in GDP for two consecutive quarters.
At that time, the central government had given a package of 20 lakh crore rupees, the Reserve Bank had also made several arrangements to infuse cash into the system. To provide relief to the common people, a moratorium facility was provided on loan.