Top Headlines: RBI joins coronavirus war, cuts repo rate; EMIs put on hold

Business Standard brings to you the top headlines of the day

1. Covid-19 relief: RBI cuts repo 75 bps; defers term-loan EMIs for 3 months

The Reserve Bank of India (RBI) on Friday went all guns blazing to arrest a potential slowdown caused by the coronavirus (Covid-19), lowering the policy repo rate by 75 basis points to 4.4 per cent.

"Given the Covid-19 stress, the six-member monetary policy committee (MPC) advanced their March 31-April 3 meetings to meet on March 24-26 and 27, and voted 4:2 to cut the policy repo rate to 4.4 per cent", Reserve Bank of India Governor Shaktikanta Das, who addressed the media through video streaming, said. Read on...

2. RBI rate cut provides balm required to revive economy

A rate cut by the Reserve Bank of India (RBI) was much expected this time and the Governor did not disappoint. The aggressive cut of 75 basis points (bps) in the repo rate is commendable, as it provides the balm required to revive the economy. Read more...

 

3. Coronavirus: Govt working on plan to transport migrant workers unable to return home

According to a plan in the works, the Centre may issue an advisory to the states to screen the migrant workers and open up road transportation lines for them. The government has been drawing flak in the past few days for not providing transportation and other facilities to migrant workers who want to head back home, fearing for their health as the Covid-19 (coronavirus) spreads in cities. Read on...
 

4. Moody's cuts India 2020 GDP forecast to 2.5%; global growth to dip to -0.5%

Moody’s Investor Service (Moody’s) has slashed its economic growth forecast for India to 2.5 per cent for calendar year 2020 (CY20) even as it expects the growth to bounce back to 5.8 per cent in 2021 (CY21). At the global level, it expects a GDP growth of negative 0.5 per cent in CY20, before bouncing back in CY21. Read more...

5.Coronavirus impact: GDP likely to fall to a three-decade low, say analysts

There has been around 40 per cent decline in economic activity after the lockdown, as only essential manufacturing (food & pharma) and services (grocery trade, health & public services) are functioning.

This, analysts say, could shave-off 1.5 per cent from India’s projected economic growth in financial year 2020-21 (FY21). Read more...

6. Coronavirus impact: DGCA extends ban on international flights till April 14

All international commercial passenger flights will remain suspended till April 14, aviation regulator DGCA announced on Thursday, amid a nationwide lockdown to prevent the spread of the novel coronavirus. Read on...

7. Singapore Airlines gets $13 bn lifeline from Temasek amid Covid-19 outbreak

The massive financing plan, which drove SIA shares down as much as 10.5% on Friday, underscores the depth of financial trouble for the global airline industry, with nearly one-third of the world's aircraft already grounded because of the pandemic, according to data provider Cirium. Read more...