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Highlights of RBI's monetary policy statement

Highlights of RBI's monetary policy statement

Following are the highlights of RBI Governor Shaktikanta Das' statement and resolution of the Monetary Policy Committee (MPC):

* Benchmark lending rate kept unchanged at 4 pc
* Indian economy expected to contract 9.5 pc this fiscal with downside risks

* Contraction 9.8 per cent projected in July-September; 5.6 pc in October-December and rebound in growth at 0.5 per cent in March quarter

* GDP growth for April-June quarter 2021-22 fiscal projected at 20.6 pc

* Accommodative monetary policy stance maintained to support growth

* Indian economy entering into decisive phase in fight against coronavirus, focus must shift from containment to reviving economy

* Contraction in economic growth of Q1 behind; silver linings are visible

* GDP growth may break out of contraction and enter positive zone by March quarter of current fiscal.

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