New Delhi: The situation has become explosive amidst the second wave of Corona in the country. The economy of the country is once again starting to fizzle amidst the increasing number of corona patients in the country. The RBI has come into action to revive the country’s economy. In this episode, RBI Governor Shaktikanta Das press conference made many big announcements. RBI has also decided to expand the scope of Video KYC (Know Your Customer) or V-CIP (Video-Based Customer Identification Process) for new categories of clients like proprietorship firms, authorized signatories and beneficial owners of legal entities.
During this, Shaktikanta Das said that the second wave of Corona has affected the economy on a large scale. The situation is closely monitored by the RBI. Big steps are needed against the second wave. The RBI is monitoring the entire situation. He further said that the economy started to show recovery after the first wave of Corona, but the second wave has once again created a crisis.
Government is accelerating vaccination. He further said that there are signs of recovery in the global economy. Talking about India, the Indian economy also seems to be recovering from the pressure. A good monsoon is expected to boost rural demand. Slowing is also seen in manufacturing units. The tractor segment seems to be on the upswing, though there is a decrease in auto registrations in April.
Shaktikanta Das said that due to the second wave of Corona, the growth estimates may decrease. However, the manufacturing sector is yet to see much impact. He said that there has been a good recovery in the auto sector. The tractor segment has performed well.
The RBI governor said that in view of the need of corona crisis, a loan of 50000 crores will be given to Emergency Health Services. The RBI governor said, India had a faster recovery than the rest of the world. The Meteorological Department has predicted normal monsoon this year. Good monsoon is expected to increase demand in rural areas.
A provision of ten thousand crore rupees has been made for small, medium and other unorganized sector institutions. Such small, medium or other unorganized sector institutions can be given a new loan of up to ten lakh rupees. This facility can be availed till 31 October.