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RBI keeps repo rate unchanged, sharply lowers 2019-20 GDP growth forecast to 5%
December 5, 2019
The Reserve Bank of India (RBI) on Thursday went against majority expectations and kept repo rate unchanged at 5 per cent.
A large number of economists exuded confidence that RBI’s six-member Monetary Policy Committee (MPC) would lower the key interest rate once again as growth in the second quarter reached a six-year low of 4.5 per cent.
The central bank has also lowered its GDP growth forecast for the entire year to 5 per cent from 6.1 per cent.
It has also sharply increased its inflation projection from 4 per cent to 4.7-5.1 per cent after retail inflation jumped to a 16-month high of 4.62 per cent in October.
