New Delhi. PM Modi has introduced a lockdown throughout India for 3 weeks. This lockdown will have an effect on companies. Looking at this, consultants have estimated that the lack of $ 120 billion or about Rs 9 lakh crore will probably be as a result of lockdown, which is the same as four p.c of GDP. UK brokerage Barclays mentioned the lockdown would value round Rs 9 lakh crore. It has additionally lowered India's progress fee estimates for 2020-21 by 1.7% to three.5%. According to Barclays, the financial bundle additionally must be introduced. However, in his deal with to the nation, PM Modi additionally introduced a monetary help of Rs 15,000 crore to cope with this epidemic. <! –
Let us know that the loss of life toll from coronavirus has elevated to 11, whereas the variety of contaminated folks has crossed the 500 mark.
RBI can make massive cuts
RBI will announce its first financial coverage assessment for the monetary yr 2020-21 on April 3. It is being speculated that RBI could lower the repo fee considerably. RBI could lower the repo fee by 0.65 per cent subsequent month. Also, 1% fee might be lowered additional this yr. On the opposite hand, Finance Minister Nirmala Sitharaman had introduced the financial assist bundle whereas saying some measures to assist the financial system.
What different brokerage companies say
Domestic brokerage agency Emkay congratulated coverage makers for taking motion sooner than different international locations. However it additionally mentioned that little has been executed to cut back the financial influence. But Edelweiss, in contrast, mentioned that India is lagging behind different international locations in making ready to compete towards Corona, which is proscribed solely to liquidity help.
Bank of America Securities quickly lowered India's progress fee inside 48 hours