INSUBCONTINENT EXCLUSIVE:
The repurchase rate was lowered by 25 basis points to 5.75 per cent.The Reserve Bank of India (RBI) cut its benchmark interest rate for a
third straight time, and paved the way for more policy easing to support an economy growing at the slowest pace since 2014.The repurchase
rate was lowered by 25 basis points to 5.75 per cent, the lowest in nine years, as predicted by 31 of 43 economists surveyed by Bloomberg
The six-member Monetary Policy Committee voted unanimously for a rate cut
It also switched to an accommodative bias from a neutral stance adopted in February."Growth impulses have weakened significantly,'' the
With inflation below the central bank's medium-term target, "there is scope for the MPC to accommodate growth concerns by supporting
domestic consumption and investments as he starts his second term in office
The easing is in line with global monetary policy turning looser, as the Federal Reserve shifts to a more dovish stance."A sharp slowdown in
investment activity along with a continuing moderation in private consumption growth is a matter of concern," the central bank said.Latest
high-frequency indicators from auto sales to air travel show consumer demand is waning in India, amid a crisis in the shadow banking sector
Any shortfall in the monsoon, which waters more than half of India's farmland between June and September, is an added risk to growth.While
