New Delhi: Welcoming RBI’s move to reduce rates, Prime Minister Narendra Modi today tweeted, “Today @RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce cost of funds, help middle class and businesses.”
The move by Reserve Bank came a day after Finance Minister Nirmala Sitharaman made a slew of announcements to overcrime the economic crisis due to the pandemic.
Modi on Thursday urged the G-20 group of developed and developing countries to rework its definition of globalisation which would focus on the collective interests of all people rather than balance the competing individual interests of a few.
He proposed a new form of globalisation at the extraordinary G20 virtual summit for COVID-19 that was held on Thursday. Human being, and their concerns, like climate change and terrorism, should be put at the centre, instead of economic and financial concerns, he said.
Noting that thousands of lives had been lost in the pandemic, the prime minister said that the new concept of globalisation should be about the collective interests of humankind.