As the raging Coronavirus Pandemic continues to impact the Indian economy, RBI Governor Shaktikanta Das said today that the country's economy is likely to contract 9.5 per cent in the current financial year. He said that the GDP may break out of the coronavirus-induced contraction and turn positive by the fourth quarter of 2020. The RBI Governor said inflation is likely to remain at elevated levels in September, and ease in the third and fourth quarters of current financial year. The RBI has already slashed the repo rate by 115 basis points since late March.

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