RBI refrains from growth, inflation forecasts; says current GDP projections at risk

Mumbai: The Reserve Bank of India (RBI) on Friday refrained from making any projections for growth and inflation saying the performance of these two key macroeconomic parameters in the days ahead would depend upon the intensity, spread and duration of COVID-19.

Announcing the decisions of the Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das said that no projection for growth and inflation was being given in view of the uncertainty created by the outbreak of the deadly novel coronavirus (COVID-19).

Das further said that the growth projection of 4.7 per cent for the fourth quarter of 2019-20 and 5 per cent for the whole fiscal was at risk.

On the global economy, the governor said that slowdown could deepen impacting the growth prospects everywhere in the world.

As regards India, Das said, growth and inflation would be contingent on intensity, spread and duration of COVID-19.

The Reserve Bank in its monetary policy usually provides projections for growth and inflation.