RBI Governor Shaktikanta Das on Friday announced a reduction in repo rate by 40 basis points from 4.4 percent to 4 percent while reverse repo rate stands reduced to 3.35 percent. Addressing a presser amid lockdown due to the COVID-19 pandemic situation, Shaktikanta Das said that there is a recession-like situation in the world due to pandemic that has impacted businesses worldwide.

Apart from the repo rate, other key announcements by Shaktikanta Das were on extending the moratorium period for three more months. He said RBI will be vigilant in battle readiness to address the dynamics of the unknown future and will preserve financial stability.

Speaking on industrial production output, Das said, "it has shrank by close to 17% in March with manufacturing activity down by 21%. The output of core industries contracted by 6.5%."