RBI Predicts -9.5% GDP For 2020-21, Keeps Rates Unchanged | Read

RBI Governor Shaktikanta Das said today that the country's economy is likely to contract 9.5 per cent in the current financial year, "with risks tilted to the downside", while maintaining a status quo on policy rates citing high inflation. The GDP may break out of the coronavirus-induced contraction and turn positive by the fourth quarter of 2020, Governor Das said. The Monetary Policy Committee - whose three new external members voted in today's policy action - unanimously favoured holding the repo rate at the existing 4 per cent, while retaining an "accommodative" stance - which rules out any hikes for the time being.