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India’s growth drastically altered due to COVID-19: RBI report
New Delhi, Apr 09: The outlook for India's economic recovery has been sharply altered by the outbreak of the coronavirus. This was stated by the RBI in its Monetary Policy Report.
Prior to the outbreak, the outlook for growth for 2020-21 was looking up the RBI also said.
The pandemic has drastically altered this outlook and the global economy is expected to slump into recession in 2020 as the post COVID-19 projections indicate.
The RBI described the present environment as highly fluid and said that it is assessing the intensity, spread and duration of the coronavirus.
In its policy statement last month, the RBI had reiterated that conditions remained highly uncertain and said it is refraining from providing any projections on GDP growth.
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