News: The coronavirus outbreak has sharply altered the outlook for India’s economic recovery, Reserve Bank of India said in its Monetary Policy Report.
High- Five components of the story you need to know
- “Before the outbreak of COVID-19, the outlook for growth for 2020-21 was looking up,” the Reserve Bank of India said.
- “The COVID-19 pandemic has drastically altered this outlook. The global economy is expected to slump into recession in 2020, as post-COVID projections indicate.”
- Describing the current situation as “highly fluid”, the central bank said that it is assessing the “the intensity, spread and duration of COVID-19.”
- India has so far recorded more than 500 Coronavirus cases
- The RBI in an emergency move last month had cut its key lending rate by a bigger-than-hoped 75 basis points