New Delhi, August 25: The Reserve Bank of India projected India’s growth at (-) 4.5 per cent for 2020-21. The apex bank also projected the global growth at (-) 6.0 per cent in single hit scenario and (-) 7.6 per cent in the double hit scenario in the same fiscal. The RBI stated that the decline in projected India’s growth is due to the coronavirus lockdown.

Releasing the new data, RBI said, as quoted by news agency ANI, "India’s growth is projected at (-) 4.5% for 2020-21. Global growth is projected at (-) 6.0% in single hit scenario and (-) 7.6% in the double hit scenario." On the issue of lockdown and its impact, RBI said, "The impact due to factor income loss (capital and labour) of 68 days of lockdown on the manufacturing and mining sectors could be as high as Rs 2.7 lakh crores." RBI Announces Sale for Govt Securities Under Special Open Market Operations of Rs 20,000 Crore in 2 Tranches, Check Date of Auction And Other Details About OMOs.

Here's what RBI said:

Earlier in the day, RBI released its annual report and said that its balance sheet grew about 30 per cent to Rs 53.3 lakh crore in the fiscal year 2020, from Rs 41 lakh crore the year before. The apex bank said that the increase in the asset side was due to an increase in domestic and foreign investments by 18.4 per cent and 27.3 per cent.

Adding more, RBI said that it registered an increase in loans and advances by 245.8 per cent and an increase in gold by 52.9 per cent in the current fiscal. The central bank also said that gold and foreign currency constituted 71.25 per cent of RBI's total asset and rest constituted from domestic assets. Among other things, RBI said that its income for the year stood at Rs 1.5 lakh crore while expenditure stood at Rs 92,540 crore, out which a surplus of Rs 57,128 crore was transferred to the central government.

(The above story first appeared on LatestLY on Aug 25, 2020 03:09 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).