RBI cuts FY20 GDP growth forecast sharply to 5% from 6.1% projected earlier
Updated : December 05, 2019 03:06 PM IST
The Reserve Bank of India (RBI) in its fifth bi-monthly monetary policy lowered Gross Domestic Product (GDP) growth forecasts sharply for FY20 to 5 percent from 6.1 percent earlier while keeping the repo rate unchanged at 5.15 percent maintain its stance as 'accommodative'.
The RBI revised the CPI or the retail inflation forecast for H2FY20 to 5.1-4.7 percent from 3.5-3.7 percent earlier.
The six-member Monetary Policy Committee (MPC) headed by Governor Shaktikanta Das also revised downwards its FY21 GDP growth forecast to 6.50-7 percent.