Modi Govt Taking Necessary Steps To Help Economy Cope With COVID-19 Crisis: JP Nadda
Mumbai: BJP National President JP Nadda said on Friday that the Narendra Modi government is taking all necessary steps to help the economy to deal with the COVID-19 crisis.
He said that the Reserve Bank of India has today announced to provide liquidity and improve credit flow, which will help protect the livelihood of Indians.
Under the leadership of Hon’ble PM @narendramodi, the govt is taking all necessary steps to help the economy cope with this crisis during COVID-19. The RBI’s announcements today on providing liquidity & improving credit flow will help protect the livelihoods of the Indian people,” the BJP chief said in a tweet.
https://twitter.com/JPNadda/status/1251052121203433472
He said the announcements by RBI will go a long way to keep economy strong during and after the COVID-19 pandemic is over.
Also Read: RBI Reduces Reverse Repo Rate By 25 Basis Points From 4 pc To 3.75 pc
“Initial ₹ 50,000 Cr to support small & mid NBFCs,refinance facilities of ₹25,000 Cr to NABARD to help farmers, ₹15,000 Cr to SIDBI to boost loans to start-ups & SMEs, ₹10,000 Cr to NHB to support housing for all, will prove to be significant steps,” he said.
“Today’s announcement by the RBI is in line with the vision of the Prime Minister to take steps which are business and people-friendly. RBI already took some steps on 27 March. These steps will go long way to help PM Modi’s effort to keep economy strong during and after the pandemic,” said Nadda.
Also Read: Steps Taken By RBI To Boost Indian Economy Further Reinforce PM Modi’s Vision: Amit Shah
https://twitter.com/JPNadda/status/1251053146706595840
The RBI announced a reduction in the reverse repo rate by 25 percentage points from 4 per cent to 3.75 per cent to facilitate bank loan flow amid the coronovirus crisis and subsequent nationwide lockout, which made economic activity a virtual halt. Although brought, but it has kept the repo rate unchanged.
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