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Daily NEWS Summary: 22.05.2020

The RBI further lowered the re purchase rate (Repo rate) and the reverse purchase (Repo) rate, but made another bet to revive economic activity. It did so at a special meeting of the Monetary Policy Committee (MPC). Five of the six MPC members voted to reduce the repo rate from 40 bp to 4%. The reverse repo rate decreased by 3.35%.

The repo rate is the interest rate at which the central bank lends to commercial banks, while the reverse repo rate is the interest rate that commercial banks earn on funds earmarked for the RBI. There has been much debate about whether these RBI measures, mainly monetary policy, will have a will effect in the absence of significant tax measures (putting money in the hands of the people) by the government. Furthermore, in a scenario of weak demand, pending wages and economic uncertainty, banks are reluctant to lend, preferring to earn minimal interest by holding their funds with the RBI. This probably explains why the RBI has further reduced the repo rate: it is a way for the central bank to attract and pressure banks to relax their portfolio chains. In addition, another monetary measure intended to inject cash, the RBI stopped paying term loans and working capital for another three months.

 “Domestic economic activity has been impacted severely by the 2-month lockdown. The top six industrialised states that account for about 60% of industrial output are largely in red or orange zones,”

“High frequency indicators point to a collapse in demand beginning in March 2020, across both urban and rural segments,”

I would only say that GDP growth would be in “negative territory”, with a resumption of growth dynamics from the second half of 2020-2021. “It was in view of growth that the MPC judged that the risks were more serious,” said Das.

RBI Governor

On Friday, a Pakistan International Airlines (PIA) plane with 107 people on board crashed into a densely populated residential area near Jinnah International Airport in Karachi. Dozens of dead are feared. Lahore’s PK-303 flight was about to land in Karachi when it crashed in the Jinnah Garden area near Model Colony in Malir, just a minute before landing, according to a PTI report.

Prime Minister Narendra Modi announced a rehabilitation program of Rs. 1 billion rupees for West Bengal hit by the cyclone. “The government of India will organize planned aid of Rs.1 billion so that the state government does not face major difficulties in these difficult times,” said Modi. “In addition, Rs2 lakh each from the Prime Minister’s Relief Fund will be allocated to the family of the deceased, and 50,000 rupees each for the seriously injured,” he added. The state government announced on Thursday a relief and rehabilitation program of 1 billion rupees and a compensation program of 2.5 lakh rupees for the families of the deceased. The Prime Minister has said that the state government will prepare a detailed investigation into the extent of the damage and loss and, on the basis of this report, a more comprehensive package is likely to be announced.

India has recorded more than 6,000 cases of coronavirus in the past 24 hours, the highest peak in a day to date. The total number of cases presented at the time of publication of this bulletin is 124,461, with a death toll of 3,716. There is a sharp increase in Delhi in particular, with 660 new cases reported to In the past 24 hours, the total number of cases in the nation’s capital is 12,319.

This is the biggest jump in a day from the number of cases in the city to date, and it’s in line with a trend of increasing numbers in the past three days. At today’s briefing for the Ministry of Health, VK Paul, chairman of government-empowered group 1 on Covid-19 and a member of NITI Aayog, said that the country’s greatest achievement has been raising audience awareness and bringing about change of behavior. “We were able to limit the death rate to 2.13 deaths per million, very low compared to other countries,” he said.

The family of assassinated Washington Post columnist Jamal Khashoggi announced Friday that he has forgiven his Saudi assassins, granting a legal delay to the five government officials who were found guilty of his murder and sentenced to death. “We, the sons of the martyr Jamal Khashoggi, announce that we forgive those who killed our father while seeking the reward of Almighty God,” wrote one of his sons, Salah Khashoggi, on Twitter. Salah Khashoggi, who lives in Saudi Arabia and received financial compensation from the royal court for the murder, explained that this forgiveness was extended during the last nights of the Muslim holy month of Ramadan, according to the Islamic tradition of Offering forgiveness in cases, allowed by islamic law.

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