GDP Growth will Remain in Negative Territory, Industrial Production Shrinks by 17% : RBI Governor Shaktikanta Das

New Delhi : In his third press conference in two months, Reserve Bank of India (RBI) Governor Shaktikanta Das is addressing the media today i.e. on Friday. This is his third press conference in two months. His briefing comes days after Union Finance Minister Nirmala Sitharaman held a series of five press conferences to announce details of India’s Rs 20 lakh crore economic package to cushion the impact of the coronavirus pandemic.

GDP Growth to Remain in Negative Territory
RBI Governor Shaktikanta Das says the simultaneous fiscal, monetary and administration measures will create conditions for a gradual revival of activity in the second half of 2020-2021. He says GDP growth is estimated to remain in the negative territory, with some pick up in the second half.

Industrial Production Shrinks by 17% in March: Das
The RBI Governor says industrial production shrank by 17 per cent in March due to India’s lockdown, while manufacturing activity fell by 21 per cent. Output of core industries contracted by 6.5 pe cent, Das added.

Reverse Repo Rate Slashed to 3.35%
RBI Governor Shaktikanta Das announces a cut in the repo rate by 40 basis points (bps) to 4 per cent, while the reverse repo rate was reduced simultaneously to 3.35 per cent.