The RBI is likely to cut benchmark interest rate by another 100 bps in 2020-21 fiscal and continue to employ all policy tools at its disposal to support growth and financial stability to contain the impact of Covid-19 pandemic on the economy. Growth will face significant headwinds over the coming quarters due to the Covid-19 impact and we have accordingly revised our FY2020/21 (April-March) real GDP growth forecast to 4.6 per cent, from 5.4 per cent previously, marking a slowdown from our estimate of 4.9 per cent in FY2019/20.
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