As COVID-19 exacerbates India's economic woes – with the country staring at an inevitable recession – RBI governor Shaktikanta Das on Friday, 17 April, made a slew of announcements. Liquidity measures, repo rate cuts, and expansion of bank credit flow were among the highlights.
Now, according to the central bank's own survey before the lockdown, India was expected to grow at 6.1 percent in the fourth quarter of fiscal year 2021, up from 4.6 percent the year earlier. But that is bound to change.
The GDP forecast has been slashed dramatically since the lockdown by several multilateral agencies. The IMF predicted a growth of 1.9 percent for financial year 2021, the world bank put it between 1.5 and 2.8 percent again for the current fiscal, and Barclays at 0 percent for calendar year 2020.
It is in the wake of such predictions and the lockdown being extended till 3 May that the RBI press conference has come. So, what are the takeaways from the announcement and how are they going to impact the economy? Tune in!
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