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From Repo rate to FY21 GDP growth forecast, here are key announcements by RBI

By Rajan Nath -- December 04, 2020 12:12 pm -- Updated:Feb 15, 2021

Reverse Repo rate to FY21 GDP growth forecast: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday addressed the media on the decisions taken by the central bank to ensure adequate liquidity in the system. It announced several measures to ease the pressure on exporters.

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The RBI upgraded the FY21 GDP growth estimates to -7.5 percent, up from his earlier assessment of 9.5 percent in October.

Reverse Repo rate to FY21 GDP growth forecast: RBI Governor Shaktikanta Das addressed the media on the decisions taken by the central bank.

Shaktikanta Das said that the economy was recovering faster with several sectors joining the recovery path.

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The Monetary Policy Committee (MPC) voted unanimously to keep the policy repo rate unchanged at 4 percent, the RBI governor announced.

The MPC has also decided to continue with accommodative stands of monetary policy as long as necessary, at least till the current financial year and into next year to revive growth on a durable basis and mitigate the impact of COVID-19 while ensuring that inflation remains within the targe, he added.

Reverse Repo rate to FY21 GDP growth forecast: RBI Governor Shaktikanta Das addressed the media on the decisions taken by the central bank.

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Meanwhile, the Marginal Standing Facility (MSF) rate and the bank rate remain unchanged at 4.25 percent. The reverse repo rate remains unchanged at 3.35 percent.

Reverse Repo rate to FY21 GDP growth forecast: RBI Governor Shaktikanta Das addressed the media on the decisions taken by the central bank.

The MPC was of the view that inflation is likely to remain elevated with some relief in the winter months from prices of perishables and bumper Kharif arrivals.

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The real GDP growth for FY21 is projected at minus 7.5 percent. The recovery in rural demand is expected to strengthen further while urban demand is also gaining momentum, Das said, adding that "We are projecting GDP growth for Q3 at +0.1 percent and +0.7 percent for Q4."

-PTC News

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