India’s central bank has cut its benchmark interest rate for the first time in almost five years in an effort to shore up economic growth and reverse a broad downturn in the world’s most populous country.
The decision to cut the headline repo rate by 0.25 percentage points to 6.25 per cent was unanimous and widely anticipated by a consensus of economists.
“A less restrictive monetary policy is more appropriate at this current juncture,” said Reserve Bank of India governor Sanjay Malhotra, a former revenue secretary who took office in December. He added that inflation was expected to continuing easing from the 5.2 per cent headline rate in December.
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