FICCI welcomes RBI's recovery plan; highlights 'positive impact on liquidity & sentiments'

Hailing the steps taken by the Reserve Bank of India (RBI), Federation of Indian Chambers of Commerce & Industry (FICCI) Secretary-General Mr Dilip Chenoy stated that the federation warmly welcomes the second set of sets by RBI to address the Coronavirus situation. 

Taking to Twitter, the FICCI general secretary stated that the steps will have a positive impact on the liquidy and most importantly on the sentiments.

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RBI Governor Shaktikanta Das today announced new measures to maintain adequate liquidity in the system, facilitate bank credit flow and ease financial stress.

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'Light still shines through bravely'

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday in his video briefing said that India is expected to show a sharp turnaround post the COVID-19 crisis in FY22 with 7.4% growth as per the IMF. The RBI Governor said, "On April 14, 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'. Since March 27, the macroeconomic and financial landscape has deteriorated precipitously in some areas, but light still shines through bravely in some others."

"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 and resume its pre-COVID, pre-slowdown trajectory by growing at 7.4% in 2020-21. 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 & Germany combined.

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