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RBI Press conference Highlights..

  • Moratorium & other relaxations provided earlier are being extended by 3 more mths
  • Repo rate reduced by 40bps from 4.4% to 4%
  • MPC voted in 5:1 ratio
  • Reverse repo rate cut to 3.35% from 3.75%
  • Global economy headed into recession, with mfg PMI at 11 yr low
  • Growth rate of EMs expected to be 2.6% to negative 6%.
  • MPC maintaining accommodating stance till growth revives
  • Prodn of most sectors declined rapidly, industrial production shrank by 17%
  • Food grain prodn at record, normal monsoon expected
  • Kharif sowing higher by 44%, Rabi procurement in full flow
  • Farm incomes to improve;
  • Merchandise exports plunged 60.3%, imports contracted by 58.6% (worst in many yrs) in Apr
  • Reserves increased & at US$487 bn
  • Inflation could increase due to supply chain issues; reappraisal of import duties needed
  • EM economies expected to face further outflows
  • Rollover SIDBI facility on refinancing by another 90 days
  • Exports-Imports: Increase max. permissible limit changed from 1 yr to 15 mths; extending time period for outward remittances;
  • Moratorium & other relaxations provided earlier are being extended by 3 more mths

Regards,

Sudheendrakumar.com , Startupstreets.com