Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced a cut in the repo rate to 4 per cent from the existing 4.4 per cent. This is the RBI chief's first address to the media after the government detailed the fiscal and monetary stimulus worth Rs 20.97 lakh crore to support an already-ailing economy against the coronavirus pandemic and the weeks-long lockdown caused by it. Many analysts say the measures announced so far are unlikely to have any meaningful impact soon, and lowering interest rates may be the only way to boost consumption. The country remains in the fourth phase of a nationwide lockdown, with few exceptions, to curb the spread of COVID-19, which has pushed the economy into a standstill, hampered businesses and landed thousands jobless
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