With Covid-19 severely impacting the global economy, the Reserve Bank of India (RBI) Governor, Mr Shaktikanta Das, addressed the media on the measures being taken to address the situation in India. Mr Pradeep Mittal (Executive Vice Chairman – Essar Power), and Mr Rajiv Agarwal (MD and CEO- Essar Ports) share their comments on the steps being taken by the nation’s central bank.
“The RBI’s bold measures take forward the relief measures announced by the government. Together both will build a narrative of hope and optimism. Now, it is for the banks and financial institutions to ensure the benefits accrue to all businesses and household loans.”
Mr Pradeep Mittal
Executive Vice Chairman – Essar Power
“RBI s move to reduce interest rates and infuse liquidity is a welcome move. Moratorium of 3 months for interest and principle payments along with a sharp cut in the CRR will ease the liquidity and help industry as well other segments of the economy. More steps might be needed once the Government comes out with the much needed stimulus package to overcome the economic crisis arising of COVID 19”
Mr Rajiv Agarwal
MD and CEO- Essar Ports