Modi govt taking necessary steps to help economy cope with COVID-19 crisis: JP Nadda

BJP National President JP Nadda on Friday stated that the Narendra Modi government is taking all necessary steps to help the economy cope with the COVID-19 crisis. He added that Reserve Bank of India's announcements today on providing liquidity and improving credit flow will help protect the livelihoods of Indians.

"Under the leadership of Honble PM @narendramodi ,the govt is taking all necessary steps to help the economy cope with this crisis during Covid-19. The RBI's announcements today on providing liquidity & improving credit flow will help protect the livelihoods of the Indian people," the BJP chief said in a tweet.

He said the announcements by RBI will go a long way to keep economy strong during and after the COVID-19 pandemic is over.

"Today's announcement by the RBI is in line with the vision of the Prime Minister to take steps which are business and people-friendly. RBI already took some steps on 27 March. These steps will go long way to help PM Modi's effort to keep economy strong during and after the pandemic," said Nadda.

The RBI earlier today announced a reduction in reverse repo rate by 25 basis points from 4 per cent to 3.75 per cent to facilitate bank credit flows amid the coronavirus crisis and subsequent countrywide lockdown which has brought economic activity to a virtual halt. However, it kept the repo rate unchanged.

Praising the steps taken by the RBI, Nadda further said, "Initial Rs 50,000 crore to support small and mid NBFCs, refinance facilities of Rs 25,000 crore to NABARD to help farmers, Rs 15,000 crore to SIDBI to boost loans to start-ups and SMEs, Rs 10,000 crore to NHB to support housing for all, will prove to be significant steps," Nadda added.

( With inputs from ANI )

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