Top headlines: RBI announces steps to boost economy, China GDP slips, more

File photo of Reserve Bank of India (RBI) Governor Shaktikanta Das | Photo- Kamlesh Pednekar
The Reserve Bank of India (RBI) on Friday came out with another round of measures to ease a slowdown caused by the Covid-19. The RBI has proactively made two sets of relevant announcements as a follow-up of what were made in the credit policy recently, writes Care Ratings' Madan Sabnavis. China suffered its worst economic contraction in the first quarter of 2020 as the coronavirus outbreak paralysed production and spending. Here are the top events of the day that made it to the headlines. 

1. Covid-19: In fight against economic slowdown, RBI introduces new measures

In a streamed address to the media on Friday morning, RBI governor Shaktikanta Das said the measures are taken to ensure financial stability. "The RBI will monitor the evolving situation continuously and use all its instruments to address the daunting challenges posed by the pandemic. The overarching objective is to keep the financial system and financial markets sound, liquid and smoothly functioning...," Das said in his address. Read full story here: 

2. Coronavirus impact: Over 100 million Indians could fall below poverty line

Projections based on a recent analysis by researchers at the United Nations University (UNU) show that, in the worst case scenario, 104 million more people in India could fall below the World Bank-determined poverty line of $3.2 a day for lower-middle-income countries. At present, 60 per cent of India’s population, or an estimated 812 million people, live below that poverty line. Read more

2. RBI has made life a bit easier for NBFCs, MFIs amid Covid-19 pandemic

The RBI has made two sets of relevant announcements as a follow-up of what were made in the credit policy recently. The first is to focus on provision of liquidity and the second to sharpen the solvency issue related to companies.The other aspect which has been plugged by the RBI is the flow of credit, writes Madan Sabnavis. Read on... 

3. Centre eases norms; allows harvesting, collection of minor forest produce

In another set of relaxations for the rural sector from Covid-19 guidelines, the Ministry of Home Affairs Friday allowed collection, harvesting and processing of minor forest produce that includes non-timber items such as tendu, sal, etc, that is expected to benefit scheduled tribes and other forest dwellers in tribal areas. Read more...

4. China suffers first GDP decline on record as coronavirus cripples economy

The world's second-largest economy China, shrank 6.8% from a year ago in the three months ending in March after factories, shops and travel were closed to contain the infection, official data showed Friday. This is the first recorded decline in China's GDP data since it started publishing in 1992.  Read more...

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