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In a coronavirus-struck world, India and China alone may escape a recession this year

Economy-RBI-Rate Cut
REUTERS/Danish Siddiqui
Queuing up for economic revival.
  • Prathamesh Mulye
By Prathamesh Mulye

Writer, banking and economy

Published Last updated on

The Indian economy, which was already in the midst of a major slowdown, is now facing a severe deceleration due to the Covid-19 pandemic.

This has prompted unprecedented firefighting measures from the country’s central bank.

On March 27, the Reserve Bank of India (RBI) cut the repo rate, at which it lends to commercial banks, to 4.4%. It also reduced the reserve repo rate, at which banks lend to the RBI, by 90 basis points to 4%, in a bid to create liquidity for businesses.

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