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COVID-19 : A Crisis Unfolding        Relief Package:Smoke & Mirrors        RBI MPC: In view of the current and evolving macroeconomic situation and the need to provide further liquidity support, MPC voted to reduce the policy repo rate by 40 bps in an unscheduled meeting held on May 22, 2020. Currently the key policy rates stand as follows: Repo Rate: 4.00%, Reverse Repo Rate: 3.35% and Marginal Standing Facility Rate at 4.25%.         CPI inflation printed at 6.09%, which has tapered down from a reading of 7.22% in April 2020. The April and May indices have been imputed by MoSPI due to lack of data during the lockdown.        Due to the Lockdown announced by the government in the wake of the COVID-19 crisis The CPI combined General Index was not published for the month of May-20. However, some major indices have been published with available information.         Food inflation (CFPI) tapered a bit from 10.5% to 9.3% mainly on the basis of vegetable price inflation cooling off to single digits at 5.3% YoY for the first time since Aug-19.         WPI: Headline WPI inflation printed at -1.81% in Jun-20 as compared to -3.21% in May-20, on a year on year basis, mainly on the basis of an uptick in food inflation and manufactured products inflation.        Index for Industrial Production for the month of May 2020 came in at 88.4 against the index print of 53.56 in April 2020. IIP growth for May 20 printed marginally better at -34.7% as compared to -57.6% year on year in April 2020.       
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