The Reserve Bank of India (RBI) expects the country's GDP or gross domestic product to contract in the current financial year, Governor Shaktikanta Das said on Friday, as he announced a reduction in the repo rate by 40 basis points to 4 per cent. GDP growth will be in the negative territory in 2020-21, Mr Das said in his first address to the media after the government unveiled a fiscal and monetary stimulus worth Rs 20.97 lakh crore to support the economy's fight against the coronavirus pandemic and the weeks-long lockdown. Friday's moves were aimed at countering the economic fallout from an ongoing nationwide lockdown to contain the spread of the coronavirus pandemic.
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