bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi governor Shaktikanta Das is addressing the media days after Finance minister nirmala sitharaman unveiled details of the Rs 20 lakh crore economic package. The governor said that India's gross domestic product (GDP) will see contraction and may well be in negative territory in FY21.
The Monetary Policy Committee (MPC), cut policy repo rate by 40 basis points to 4.0%. The bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi Monetary Policy Committee voted unanimously for a reduction in the policy repo rate and the reverse repo rate now stands reduced to 3.35%, while the MSF rate is down to 4.25%. He also said that the biggest blow from COVID-19 has been to private consumption.
Agriculture and allied activities have given a beacon of hope for the country, said the bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi Governor. A ray of hope is also brought in from the normal south-west monsoons this year. Mr.Shaktikanta Das is laying out the economic conditions prevailing in india amid the ongoing coronavirus crisis. There is a collapse in demand in both urban and rural demand since march 2020 and this has taken a complete toll on fiscal revenues. This has been quite a shocker for the indian public.
