The coronavirus pandemic has crippled the global economy and "we must have faith in India's resilience and come out of all odds," Reserve Bank of India governor said at the start of his live streamed address as the central bank announced a host of measures to meet Covid-related challenges.
Towards the end of his briefing, he said that "together we will triumph", expressing optimism that the measures taken by the government and the central bank will help in some recovery in economic growth during the second half of this year.
The RBI today cut interest rates or repo rate in an unscheduled announcement, ramping up support for an economy it expects will contract for the first time in more than four decades.
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