New Delhi, August 7: The Reserve Bank of India (RBI), while releasing the quarterly monetary policy report today, announced a revision in its prediction of growth in the Gross Domestic Product (GDP) rate this fiscal. Months after stating that the GDP will surge at 7 per cent in financial year 2019-20, the central bank has lowered its estimate to 6.9 per cent.

The revised GDP estimate has been issued by the RBI amid an ongoing "economic slowdown". Eight core sectors of growth had clocked an alarmingly low rate of 0.2 per cent growth in June, as compared to 4.57 per cent in the same period last year. SEBI Data Says Investors Lost Rs 13 Lakh Crore in 1 Month Post Union Budget 2019

The securities market has entered into a free fall mode since the onset of July, with foreign investors pulling out more than Rs 11,000 crores. The Nifty had lost over 10,900 points, recording its worst-ever performance in the last five years.

Alert on GDP Growth Revised Estimate:

"Tens of thousands losing jobs. Every sector of the economy is hit, and hit hard, reflecting the huge misery inflicted by the policies of this government. Social disharmony and economic misery are the great 'achievements' of this government," said CPI(M) general secretary Sitaram Yechury.

In a bid to rejuvenate the economy, the RBI announced a 35 basis point cut in the repo rate, which will bring down the rate at which the central bank lends to commercial counterparts to 5.40 per cent. This in turn will lead to lowering of interest rates at which businesses and individuals could avail short-term and medium-term loans.

(The above story first appeared on LatestLY on Aug 07, 2019 01:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).