Thread by @sanjeevsanyal

As mentioned in recent interviews, India have opted for a step-by-step approach rather than the one "Big Bang" package approach. First step was to secure the population from a deadly epidemic - hence the 21 day lockdown (nothing else would matter if we lose control) 1/2

Second, it was recongnized that several key financial deadlines loomed as we approached 31st March. Hence, these were rescheduled (mostly to end-June) to ease the pressure. 2/n

The next priority was to make sure that basics are secured for the poorest - physical food supplies, cooking gas, and some cash. The is what FM @nsitharaman announced yesterday 3/n

As a next step, RBI Gov @DasShaktikanta today announced a series of measures to pump in liquidity liquidity into the financial system, sharply cut policy rates and, importantly, provided debt moratorium. 4/n

Details below:
rbi.org.in/Scripts/bs_vie…

As should be clear from the above, the approach does not presume a particular path but is based on constant monitoring of an evolving situation, and responding firmly & systematically. As RBI Gov & FM made clear, we will do whatever it takes 5/n