"Faster Recovery Than Expected": RBI Ups GDP Forecast From -9.5% to -7.5%

The Reserve Bank of India revised the real GDP growth projection for 2020-21 from -9.5 per cent to -7.5 per cent, the Governor Shaktikanta Das said in an online briefing at the end of the meeting of the Monetary Policy Committee. The central bank had estimated GDP to contract by 9.5 per cent in its assessment in October. The RBI Governor also exuded confidence that the economy will witness positive GDP growth in the second half of FY21. The revised projection comes in the backdrop of the RBI's decision to maintain an "accommodative" policy stance in its fifth bi-monthly monetary policy for FY21.

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