RBI cuts GDP growth forecast to 5%, repo rate remains unchanged at 5.15%

RBI, Govt Of India, 1.76 Lakh Crore, NewsMobile, NewsMobile India

The Reserve Bank of India on Thursday cut the gross domestic product (GDP) growth forecast for the current fiscal to 5% from 6.1%.

The central bank did leave the policy rate unchanged at 5.15%. Between February and October 2019, the RBI has reduced repo rate by 135 basis points.

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“The Monetary Policy Committee recognises that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture,” the RBI said in its fifth bi-monthly monetary policy for this fiscal.

All the six members of the MPC voted in favour of a rate pause.

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