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COVID-19 : A Crisis Unfolding        Relief Package:Smoke & Mirrors        RBI MPC: In the second bi-monthly monetary policy for FY21, the RBI Monetary Policy Committee unanimously decided to maintain status quo on policy rates, given the current growth-inflation dynamics. The Repo rate is unchanged at 4%, the reverse repo rate at 3.35%.The bank rate and the Marginal Standing Facility rate remain unchanged at 4.25%.         Consumer Price Index (Combined) for August 2020 printed below market expectations at 6.69% on a year on year basis as compared to 6.73% in July 2020.        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.         WPI: Headline WPI inflation for August 2020 printed higher than market expectations at 0.16% as compared to -0.58% in July 2020, on a year on year basis, mainly on the basis of price uptick in primary articles and manufactured products.        IIP growth for July 2020 printed better at -10.4% as against -15.8% recorded in June 2020, on a year on year basis.        Real gross domestic product for Q1 FY21 contracted sharply by 23.9%. A contraction was expected in light of the effects of the lockdown on economic activity.       
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