RBI governor Shaktikanta Das says India’s near-term growth outlook has ‘deteriorated sharply’ 

Shaktikanta Das.

The Reserve Bank of India governor, Shaktikanta Das, said the new coronavirus, COVID-19, pandemic has adversely affected the country’s economy and the growth outlook doesn’t look good.

During the Monetary Policy Committee meeting, which Das headed, the RBI governor said, “There is a rising probability of a global recession, which may be deeper than the one experienced during the global financial crisis. … In India also, the near-term growth outlook has deteriorated sharply: initially reflecting global spillovers and the amplification of the impact of Covid-19; and thereafter, due to the much-needed efforts by the government to contain the pandemic by declaring a nationwide lockdown.”

The meeting, which was scheduled to be held from March 31 to April 3 was advanced for the coronavirus outbreak and was held from March 25 to March 27. The RBI released minutes of the meeting on Monday.

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