The production of consumer durables fell by 33% in March, accompanied by a 16% decline in the output of non-durables. Similar indications are reflected in surveys of the FMCG space, said RBI The Reserve Bank of India’s off-cycle benchmark rate cut by 40 basis points is expected to boost economic activity, generate more jobs and revive the consumption engine as the covid lockdown is lifted in phases. “The biggest blow from covid has been to private consumption, which accounts for about 60% of domestic demand.
The production of consumer durables fell by 33% in March, accompanied by a 16% decline in the output of non-durables. Similar indications are reflected in surveys of the FMCG space," said RBI governor Shaktikanta Das.