Nearly 1.25 lakh Indians returned from overseas under Vande Bharat Mission: Hardeep Puri

Mumbai, Mar 27: The RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind.

The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.

The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.

RBI Governor Shaktikanta Das predicted a big global recession and said India will not be immune.

It all depends how India responds to the situation, he said.

Global slowdown could make things difficult for India too, despite some help from falling crude prices, Das said, adding food prices may soften even further on record crop production.

Aggregate demand may weaken and ease core inflation further, he noted.

The liquidity measures announced include auction of targeted long-term repo operation of 3 year tenor for total amount of Rs 1 lakh crore at floating rate and accommodation under Marginal Standing Facility to be increased from 2 per cent to 3 per cent of Statutory Liquidity Ratio (SLR) with immediate effect till June 30.

Combined, these three measures will make available a total Rs 3,74,000 crore to the country's financial system.

After cutting policy rates five times in 2019, the RBI had been on a pause since December in view of high inflation.

The measures announced come a day after the government unveiled a Rs 1.7 lakh crore package of free foodgrains and cash doles to the poor to deal with the economic impact of the unprecedented 21-day nationwide lockdown.

While the Monetary Policy Committee (MPC) of the RBI originally was slated to meet in the first week of April, it was advanced by a week to meet the challenge of coronavirus.

May 27: At a time when India is struggling with the deadly coronavirus, huge swarms of locusts in many states has bought nightmares to the farmers.

Experts warn of extensive crop losses if authorities fail to curb the fast-spreading swarms by June when monsoon rains spur rice, cane, corn, cotton, and soybean sowing.

Locusts entered India after traveling from Africa through Yemen, Iran and Pakistan.

After massive devastation in Pakistan, t swarms of locusts entered India through Rajasthan and Gujarat. The number is so large that the farmers and authorities are feeling helpless in tackling the threat.

The situation has become more alarming as the locusts is spreading across the country at an extremely fast rate. After badly affecting the crops in Rajasthan, Gujarat, Maharashtra, and Madhya Pradesh, the swarm of locust have now entered Uttar Pradesh.

In Rajasthan alone, the locust attack has damaged 5 lakh hectares of crop and nearly 17 districts of Madhya Pradesh have also seen their terror. Earlier from May 2019 to February 2020, too, the locust swarms entered India several times.

Speaking on the current situation, Dr Ram Pravesh, District Agricultural Officer, Agra, Uttar Pradesh said the Department of Agriculture is working with farmers in dealing with the situation. He urged the farmers to inform their Mandal Krishi Adhikari if they require any help.

India's largest-ever locust attack was in 1993 when more than three lakh hectares of cultivated land were completely destroyed.

Earlier in 2020, farmers salvaged their wheat and oilseed crops from a previous locust scourge.

New Delhi, Jun 25: Diesel price in the national capital crossed the Rs 80 per litre-mark for the first time ever on Thursday as oil companies raised prices for the 19th day, taking the cumulative rate to Rs 10.63 a litre.

Petrol price, after a day's hiatus, was hiked by 16 paise and the increase in less than three weeks now totals Rs 8.66 per litre.

Petrol price in Delhi was hiked to Rs 79.92 per litre from Rs 79.76, while diesel rates were increased to Rs 80.02 a litre from Rs 79.88, according to a price notification of state oil marketing companies.

Diesel had for the first time become costlier than petrol in Delhi on Wednesday and has now crossed the Rs 80 per litre-mark.

Rates differ from state to state depending on the incidence of value-added tax (VAT).

However, diesel is costlier than petrol only in the national capital where the state government had raised local sales tax or VAT on the fuel sharply last month. It costs less than petrol in other cities.

The 19th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs.

In 19 straight days, diesel price has gone up by Rs 10.63 per litre. Petrol price has been hiked on 18 occasions since June 7 and now totals to Rs 8.66 a litre.