India’s central bank yesterday cut interest rates for the first time in almost a year amid sluggish growth and record-low inflation in the world’s fastest-growing economy.
The Reserve Bank of India announced the benchmark repo rate — the level at which it lends to commercial banks — would be cut by 25 basis points to 6 percent, a near seven-year low.
The interest rate last sat at 6 percent in September 2010.
The cut — the first since October last year — was predicted by 41 of 57 economists polled by Bloomberg News, with the rest anticipating no change.
Indian Minister of Finance Arun Jaitley called for a reduction in the key policy rate in June after retail inflation fell sharply from 2.18 percent to 1.54 percent — the lowest since the government started tracking it in its current form in 2012.
New Delhi has kept an inflation target of 4 percent, with room for a 2 percent increase or decrease. The June data was the first time the lower end of that band has been breached, experts said.
Rates are set by a six-member committee at the central bank.
Reserve Bank of India Governor Urijit Patel said four voted for a cut of 25 basis points, while one pushed for double that and another for rates to remain unchanged.
Patel said low inflation and the successful rollout of the national goods and services tax on Tuesday helped steer the decision.
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