Pawar Asks People to Be Ready for Coronavirus Impact on Economy

He said the country’s economic situation looks “grim” and according to experts, GDP would come down to two percent.

Published30 Mar 2020, 08:59 AM IST
India
1 min read

NCP chief Sharad Pawar on Monday, 30 March, said everyone needs to be ready for the impact of coronavirus outbreak on the country's economy as business activities have come to a standstill.

He said the country’s economic situation looks “grim” and according to experts, the GDP would come down to two percent.

Taking to Facebook for a live interaction with people of the state, the former Union minister asked citizens to stop unnecessary expenditures and stay at home to contain the spread of the deadly viral infection.

“We should be ready to brace the impact of looming economic crisis over the country as all types of business activities are suspended. People need to do away with their unnecessary spending habits for the next coming weeks as the country's economic situation looks grim,” he said.

“I also appeal to people to stay at home and prevent the spread of coronavirus infection. Otherwise, police will have to use force to keep them indoors,” he said.

Meanwhile, the RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind.

It also cut repo to 4.4 percent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across the banking system.

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