India runs out of options, first full-year contraction in 4 decades all set to be reality

Today’s surprise 40 bps benchmark rate cut was the latest in RBI’s efforts to lend support to shrinking GDP. Das blamed the collapse in demand for the coming GDP blow, saying that private consumption — the biggest pillar of growth — has reeled from a massive blow. He also pointed out the severe impact on revenues owing to crashing demand for electricity and fuel.

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