RBI forecasts economic contraction, announces a sharp 40-bp rate cut

Projecting a contraction in growth for the latest fiscal, the Reserve Lender of India (RBI) on Friday went for a further 40 basis points slash in policy repo price, even as it warned that inflation, particularly in food, is on the rise yet again.

Repo price is the curiosity price the banking companies give the RBI to borrow revenue.

The 6-member financial policy committee (MPC) also held the policy stance unchanged at ‘accommodative’ for “as extensive as necessary” to revive growth.

“It is in the growth outlook that the MPC judged the hazards to be gravest,” RBI governor Shaktikanta Das

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Coronavirus LIVE: 575 Shramik trains run so far; India recovery rate 31.7%


Medics put together before collecting samples for swab exams from a COVID-19 cell tests van, throughout the nationwide lockdown to curb the spread of coronavirus, at Ramakrishna Mission space in New Delhi. (PTI Photograph/Manvender Vashist)

Coronavirus India: Covid-19 circumstances in India have viewed a dramatic surge in the past two months. In the final 24 hrs, three,604 circumstances and 87 fatalities were recorded. The whole number of corona circumstances rose to seventy one,441 as of Tuesday and loss of life toll hit 2,310, according to Worldometer

India at current is the eleventh most impacted among the 187 countries with

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