Indian governor says economy is deteriorating as RBI cuts rates

Shaktikanta Das
RBI governor Shaktikanta Das
Photo: Press Information Bureau, Government of India

India’s central bank made a surprise cut to one policy rate today (April 17), as its governor warned of a growing economic crisis.   

The Reserve Bank of India cut its reverse repo rate by 25 basis points to 3.75%, having cut the same rate by 90 basis points exactly three weeks before. RBI governor Shaktikanta Das told a videoconference that parts of India’s economy had “deteriorated precipitously” since the previous rates decision on March 27, the news agency Reuters reported.

Das said that

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