GDP likely to contract 9.5% in current fiscal: RBI

The Indian GDP suffered its steepest contraction of 23.9% in the first quarter of the financial year 2020-2021. As per RBI, Indian economy is likely to contract by 9.5% in the current fiscal year. RBI Governor Shaktikanta Das said after the meeting of the Monetary Policy Committee that the economy is entering into a decisive phase in the fight against coronavirus. In hos statement he further said that inflation is going to ease to the target level in the 4th quarter of 2020-21.

 

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