Reserve Bank of India (RBI) Governor Shaktikanta Das is all set to address the media at 10 am on April 17. This development comes shortly after PM Modi met Union Finance Minister Nirmala Sitharaman on Thursday during which the impact of Coronavirus pandemic on the economy was reviewed. As per the details accessed by Republic Media Network, a second stimulus package was also discussed to provide relief to those sectors which have been severely affected.
Previously, Rs 1.75 lakh crore package was introduced by the Central Government as a relief package. While announcing the first package, Finance Minister Nirmala Sitharaman said that the relief package includes direct benefit cash transfers, free LPG, grains, and pulses for the poor while the middle class would be able to withdraw funds from their Employees Provident Fund (EPF) account.
This marks RBI Governor's second presser on the COVID-19 outbreak which has infected over 12,759 people in the country leading to the death of 420. The meeting comes amid a drastic reduction in GDP growth forecast by various multilateral funding agencies for the current fiscal due to the impact of COVID-19 and the consequent lockdown.
In his previous address on March 1, the RBI Governor had announced a series of measures including a reduction in the repo rate, reverse repo rate as well as a 3-month moratorium on EMI installments. These were part of the Central Bank's measures to counter the Coronavirus lockdown and ensure liquidy was pumped into the economy as well as to reduce repayment stress amongst other things.