Mumbai: Amid sluggish economic sentiment due to COVID pandemic, RBI Governor Shaktikanta Das today announced another 40 basis point cut in key lending rates. While the repo rate has been reduced to 4 percent, the reverse repo rate has been cut to 3.5 percent.
Addressing media, Das said GDP Growth in 2020 will remain negative in 2021. There will be gradual revival of activity and demand by the second half of FY21, he added. Monsoon prediction by the MET department is also bringing us a lot of hope to the agriculture sector, he added.