The Reserve Bank of India (RBI) announced another set of measures to offer mild economic relief amid the lockdown on Friday, 17 April, drawing praise from Prime Minister Narendra Modi and other BJP ministers.
However, Congress expressed disappointment over the announcements, saying the government should take more measures to mitigate the problems of the poor people suffering.
“The announcements made by the RBI have no meaning. The Congress and people are disappointed with the announcements. The government should take more measures to mitigate the problems of the poor and the vulnerable.”Senior Congress leader Ajay Maken at a press conference held via video link
‘RBI Steps Will Enhance Liquidity, Improve Credit Supply’: PM Modi
Complimenting the RBI for the steps taken to improve the health the economy, Home Minister Amit Shah said such action will further reinforce Modi's vision.
“Modi government is leaving no stone unturned in this fight against COVID-19, ensuring minimum disruption in people's lives while planning for a strong and stable India in days ahead,” he tweeted.
The home minister added that the RBI's decision to extend Rs 20,000 crore credit facility to NABARD and Rs 15,000 crore to SIDBI will greatly help the farmers, provide the much needed financial stability to MSMEs and start-ups, and boost the 'Make in India' programme.
Shah said that the Rs 10,000 crore infusion to National Housing Bank (NHB) and liquidity measures for banks and non-banking financial companies (NBFCs) will help too.
RBI Measures Will Help Protect Livelihoods of People: Nadda
BJP president JP Nadda said on Friday that the measures taken by the RBI to deal with the crisis caused by coronavirus will help protect the livelihoods of people by enhancing liquidity and improving credit flow.
Under the leadership of Prime Minister Narendra Modi, the government is taking all necessary steps to help the economy cope with this crisis arising out of COVID-19, Nadda also stated.
‘Massive Confidence Booster for the Economy’: Goyal
Other Cabinet ministers Piyush Goyal and Smriti Irani too, hailed the measures, saying these steps would ensure adequate liquidity, ease financial stress and steer India's emergence as a world leader in the post COVID-19 scenario.
‘Thank RBI for Special Focus on MSME’: Gadkari
Union Minister Nitin Gadkari said that “bold and forward looking” policy interventions by the RBI shall provide a much-needed boost to the economy.
‘Towards Jaan Bhi Jahaan Bhi Moto’: Irani
She further stated that the RBI steps will significantly ease financial stress and eventually strengthen India’s growth and progress.
The RBI has further eased bad-loan rules, froze dividend payment by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points, as it unveiled a second set of measures to support the economy hit hard by a coronavirus-led slowdown.
In his second televised address since the nationwide lockdown began from 25 March, RBI Governor Shaktikanta Das also pledged to enhance liquidity and expand bank credit.
(With inputs from PTI)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)