March 27, 2020
Alert: India Coronavirus Update
This morning [March 27], RBI Governor, Shaktikanta Das addressed the media, announcing measures to safeguard the Indian economy from the impact of the pandemic by way of:
- Expanding liquidity in the system to ensure that financial markets and institutions are able to function normally in the face of COVID-related dislocations;
- Reinforcing monetary transmission so that bank credit flows on easier terms are sustained to those who have been affected by the pandemic;
- Easing financial stress caused by COVID-19 disruptions by relaxing repayment pressures and improving access to working capital; and
- Improving the functioning of markets in view of the high volatility experienced with the onset and spread of the pandemic.
See press release here. Please reach out to Nelson Chaudhuri for further details on the new provisions.
Additionally, since yesterday, the Ministry of Home Affairs has now included several other categories of essential goods and services, related to agricultural operations, exempted under the Disaster Management Act. See addendum here.
Wishing you all good health!
Dr. Mukesh Aghi
President and CEO
US-India Strategic Partnership Forum