New Delhi: With the news of the coronavirus spreading to 70 countries, the government, as well as the Reserve Bank of India, are very cautious. There has been a continuous debate over the impact of the coronavirus on the economy from the RBI and the Union Finance Ministry. RBI is considering several options to curb its economic side effects and there are indications that the way the industry was given many incentives to fight the global recession of 2008-09, similar steps were also taken this time. Will be raised The government has also come up with an option to further cut the loan rates.

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According to RBI Governor Shaktikanta Das, we are cautious and are ready to take necessary steps to maintain financial stability, investor confidence and correct operation of the market. Due to Coronavirus, the economy of India is likely to be affected in two ways. The first is that we are a big partner of China, where the coronavirus is the most affected. The second reason for this is the possibility of a global recession, which may affect India. The governor has also said that though the next decision on inflation and interest rates will be made in the meeting of the Monetary Policy Committee from April 3, if necessary, the central bank can declare measures beforehand. He indicated that a cut in interest rates is also possible.

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During the review of the monetary policy last month, the RBI did not take measures to bring down the interest rates directly by reducing the repo rate but announced some other measures to reduce the interest rates. Simultaneously, it was also indicated that the possibility of cutting the repo rate still remains. A major motive behind this statement from RBI is to assure foreign institutional investors who are withdrawing money from the stock market of India, who are engaged in withdrawing their investment for the past one week.

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