It might take years for GDP to regain lost output: RBI MPC member

The Reserve Bank of India releases minutes of the October 7-9 meeting of its monetary policy committee.

The Reserve Bank of India (RBI) on Friday released the minutes of the October 7-9 meeting of its monetary policy committee (MPC), outlining the thinking of the central bank's leaders about the economy.

The MPC, as expected, kept the repo rate, its key lending rate, at 4.0 per cent, while the reverse repo rate or the key borrowing rate stayed at 3.35 per cent. The central bank projected sees India’s real GDP contracting by 9.5 per cent in the ongoing fiscal year, and economic growth only turning positive in the final January-March quarter.

"On the domestic front, high frequency indicators