India’s GDP may decline by 9.5%

By Odisha Bhaskar Bureau On Oct 9, 2020 at 11:58 AM

New Delhi,9/10: Reserve Bank Governor Shaktikanta Das has said that the economy may decline by 9.5 percent in the current financial year. The Reserve Bank has predicted this after a three-day review meeting of the Monetary Policy Committee. He also said that the economy will pick up in the second half of the current financial year and it can reach a positive range in the January-March quarter. Earlier, according to the estimate released by the Central Statistics Office (CSO), GDP declined by 23.9 percent in the first quarter.

After the meeting of the Monetary Policy Committee started on Wednesday, RBI Governor Shaktikanta Das said, “The decline in the economy in the April-June quarter has now lagged behind and there is a silver lining in the economy. Inflation is also the fourth of 2020-21. It can fall within the scope of the target, reduced in the quarter.

Retail inflation has reached above six percent in recent months. The RBI monetary policy review mainly looks at retail inflation (CPI). The government has given the RBI a target of keeping inflation at 4 percent with two percent fluctuations.