At the regular monetary policy meeting held by the Central Bank of India on the 4th local time, Bank of India, Dales, said that the shrinking pressure of India’s economic growth began to slow down, and the Central Bank of India lowered its economic forecast for the fiscal year from a previous contraction of 9.5% to 7.5%. The current economic recovery is better than expected.
At the same time, the Bank of India announced that it would continue to maintain the repo rate of 4% unchanged. This is the third time that the Bank of India has chosen to keep the repo rate unchanged at a policy meeting.
The Central Bank of India said that the main task now is to deal with inflation. The main reason for inflation is the destruction of the supply chain. Inflation pressure will remain high for some time to come, with the central bank forecasting inflation in the fourth quarter of 2020 to be around 6.8%.
Affected by the economic expectations of the Central Bank of India, India’s S&P BSE Sensex broke the 45,000 mark for the first time in intraday trading on the 4th, reaching 45,023.79 points, while the Nifty 50 reached a new high of 13,248.25 points.
