Mumbai, May 22 -- Reserve Bank's Governor Shaktikanta Das on Friday said the macroeconomic impact of the pandemic is turning out to be more severe than initially anticipated.
In an online address to announce the reduction in key lending rates, Das said: "The MPC is of the view that the macroeconomic impact of the pandemic is turning out to be more severe than initially anticipated, and various sectors of the economy are experiencing acute stress."
"The impact of the shock has been compounded by the interaction of supply disruptions and demand compression. Beyond the destruction of economic and financial activity, livelihood and health are severely affected."
He said that it is necessary to ease financial conditions further which will fac...