More stimulus? Nirmala Sitharaman & RBI Governor to address media today

Chennai:¬†Following Narendra Modi government’s decision to extend the coronavirus lockdown till 3 May, Reserve Bank of India (RBI) Governor Shaktikanta Das will make some important announcements at 10 am today.

According to sources, he is likely to announce some fresh measures to cushion the economy during lockdown 2.0. Also, Finance Minister Nirmala Sitharaman is also expected announce a fiscal stimulus package to revive the economy today.

In his previous address on 27 March, Das had announced a rate cut of 75 basis points. The RBI Governor had also announced a three-month moratorium on term loans whose installments are due between 1 March and 31 May.

Nirmala Sitharaman had announced a mega economic relief package worth about Rs 1.7 lakh crore, which included insurance for health workers; higher wages reaching up to 5 crore families under MNREGA employment scheme; free wheat, rice and pulses distribution for three months to 80 crore people; cash transfers for three months to poor women.