Coronavirus altered India’s growth outlook: RBI

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 
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