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		</div><p>India’s central bank on Friday cut its key interest rate to 4% to revive the economy severely hit the Covid-19 outbreak and a two-month lockdown.</p>
<p>Reserve Bank of India Governor Shaktikanta Das also said India’s gross domestic product in financial 2020-21 was expected to have negative growth.</p>
<p>The bank held a monetary policy committee meeting and discussed stops to cope with the disruptions to the economy.</p>
<p>The bank already had reduced the interest rate to 4.4% from 5.15% in March to ease financing troubles caused by the coronavirus outbreak.</p>
<p>The 4% interest rate announced on Friday will be the lowest benchmark rate the RBI charges on lending to commercial banks, its so-called “<i>repo rate</i>”, since March 2010.</p>
<p>The RBI will also allow banks a six-month moratorium on payments of instalments on loans.</p>
<p>The announcement comes days after the federal government announced a 20 trillion rupee (266 billion US dollar) fiscal and monetary package to support the ailing economy.</p>
<p>Millions of workers have fled cities after they lost their jobs following the lockdown to curb the spread of coronavirus.</p>
<p>The lockdown is scheduled to last through May, but life is slowly picking up with shops reopening and manufacturing and farming resuming.</p>
<p>Rail services and public transport have been restored partially, and domestic flights are expected to resume at one-third of capacity on selected routes from Monday.</p>
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