RBI Governor Shaktikanta Das announces a slew of measures amid coronavirus scare
The RBI Governor Shaktikanta Das on Friday addressed media on the relief and recovery roadmap amid Coronavirus scare. He said that "Today humanity is facing the trial of its time, as coronavirus has gripped the world with its deadly embrace. In this kind of environment, the Reserve Bank of India (RBI) has been very proactive and monitoring the situation closely." Adding, he said that "On April 14, the International Monetary Fund (IMF) released its global growth projections revealing that in 2020, the global economy is expected to plunge into the worst recession since 'The Great Depression'." He further said that "IMF Economic Counsellor has named it 'The Great lockdown' estimating cumulative loss to global GDP over 2020-21 at around 9 trillion US dollars, which is greater than the economies of Japan and Germany combined." "Since March 27, the macroeconomic and financial landscape has deteriorated precipitously in some areas, but light still shines through bravely in some others," he added. Das said that "For 2020-21, the IMF projected sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround and resume its pre-COVID, pre-slowdown trajectory by growing at 7.4% in 2020-21."