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Reserve Bank cuts GDP growth rate for FY 2021-22 to 9.5% from 10.5%

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On 7 April, the RBI governor had forecast the GDP growth rate to be 10.5%.

New Delhi:

The economy has been affected due to the lockdown imposed to stop the second wave of Corona and due to this GDP growth forecast RBI has reduced it from 10.5% to 9.5%. RBI has warned that it is very important to speed up the process of vaccination to improve the condition of the economy. The Indian economy is weakening due to the second wave of Corona and the lockdown in large parts of the country. RBI Governor Shaktikanta Das said on Friday – GDP growth rate will be 9.5% in the current financial year, while on April 7, RBI Governor had forecast GDP growth rate to be 10.5%. That is, due to the second wave of Corona, the speed of the economy is expected to decrease by 1%.

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RBI has not made any change in the policy repo rate. The RBI governor announced that liquidity support will be provided to the hotels, tourism sector units affected by the second wave of lockdown and corona. Banks will be able to lend up to 15000 crores to the units related to these sectors.

SIDBI will be given a special liquidity facility of 16000 crores to increase the credit facility to small-scale units. The RBI governor called it important to speed up the process of vaccination to improve the condition of the economy.

Earlier, many Indian and global rating agencies have also expressed the possibility of falling below the estimate of GDP in the current financial year. Now after the official assessment of RBI, the Government of India will have to intervene quickly to deal with the challenge of the deepening shadow of Corona on the economy.

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