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India central bank projects economy to shrink at 7.5% pace

RBI upgrades negative forecast by 2 percentage points as rural demand picks up

Shaktikanta Das, the Reserve Bank of India governor, projects retail inflation of 6.8% for the October-December quarter and 5.8% for January-March.   © Reuters

NEW DELHI -- India's economy is projected to shrink 7.5% in the current fiscal year through March, its central bank governor said on Friday, upwardly revising an October forecast for a 9.5% contraction.

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