Das said the pause was temporary and the central bank wanted to assess the effect of its policy after reduction of 135 basis points in five policies this year.
The shocking memories of Q1 growth at 5 per cent are probably still fresh and until the air is clear on the 'unknown knowns,' RBI is unlikely to make a move.
All the six members of the MPC voted in favour of a rate pause. The CPI inflation projection is revised upwards to 5.1-4.7 per cent for H2 FY20 and 4-3.8 per cent for H1 FY21.
The Bank estimates that if trade wars and protectionist tendencies continue among India’s major export destinations, then India’s income and exports could both decline by up to one percentage point.
Government expenditure accounts for 13.1 per cent of GDP as on September 2019 and is the sole spinning wheel in India's economic applecart.
BJP MP Nishikant Dubey claimed GDP did not exist before 1934 and said that it will not be of any great use in future.
Growth in the second half of 2019-20 will go up to 5.5 per cent, up from the 4.75 per cent in the first half, the agency said.
Bharti Airtel emerged as the top gainer by surging 7.92 per cent after it announced to hike tariffs from December, followed by Reliance, Tata Motors, HUL, IndusInd Bank Axis Bank, Infosys and TCS.
The official data released on Friday show that India's second-quarter GDP growth has slumped drastically to 4.5 per cent and is at its lowest in over six years.
In five reductions so far in 2019, interest rates have been lowered by a total of 135 basis points over concerns that growth momentum is slowing down.
Dr Singh trained guns at the ministers claiming the economic situation is stable citing shopping volume and airport rush.
Most analysts agree with former PM Dr Manmohan Singh’s comments that mere tinkering with economic policy will not help revive India’s ailing economy and a stronger medicine is needed.
India's economic growth slipped further to hit an over-six-year low of 4.5 per cent in the July-September quarter, according to official data released on Friday.
The former Finance Minister also urged the people of Jharkhand, where polling is underway, to vote against the BJP to record their rejection of its policies.
Economists see no immediate prospect of recovery unless the government pumps money into the system.