Second wave of pandemic has hit India hard: RBI Governor
RBI Governor Shaktikanta Das said on Thursday that it has started showing up in late May and early June, instilling confidence that the economy will take a hit due to the pandemic.
“The second wave of the pandemic has made a serious impact on India. Economic activity was hit in April, but has started showing up in late May and early June.”
“Banch on the balance sheet, performance of financial institutions much lower than earlier estimates. Capital, liquidity buffer in financial institutions “reasonably resilient” to withstand future shocks.
Read also: Sitharaman announces economic relief measures worth over Rs 6 lakh crore for Kovid affected areas
In a boost to finance minister Nirmala Sitharaman on Monday announced an additional Rs 1.5 lakh crore loan for small and medium businesses, more funds for the health sector, loans to tourism agencies and guides and visa fee waiver for foreign tourists. . of a package to support the pandemic-hit economy.
With Rs 93,869 crore spent on providing free food grains to the poor by November and an additional Rs 14,775 crore fertilizer subsidy, the stimulus package – mostly made up of government guarantees for loans to banks and microfinance institutions that they extend to Covid-hit areas . Overall Rs 6.29 lakh crore.
ALSO READ: India’s Manufacturing Sector Contracts In June; First time in 11 months: Survey
.