India's central bank delivers first rate cut in nearly 5 years
The Reserve Bank of India (RBI) cut its key repo rate on Friday for the first time since May 2020 to provide stimulus to the sluggish economy, which is expected to grow at its slowest pace in four years in the current fiscal year.
The Monetary Policy Committee (MPC), which consists of three RBI and three external members, cut the repo rate (INREPO=ECI) by 25 basis points as expected to 6.25%, after having kept the rate unchanged for eleven straight policy meetings.
India's government has forecast annual growth of 6.4% in the year ending in March, below the lower end of its initial projection, weighed by a weaker manufacturing sector and slower corporate investments. Growth is seen in a 6.3%-6.8% range in the coming fiscal year as well.
By: via AlliesFinServe #StockMarket #Bharat Telegram.me/AlliesFin
