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India's Central Bank Cuts Rates, Outlook
India’s central bank has dropped its prime lending rate for the fifth time to help spur the country’s economy, now expected to expand by 6.1% rather than 6.9% in the fiscal year ending next March 31.
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India’s central bank has dropped its prime lending rate for the fifth time to help spur the country’s economy, now expected to expand by 6.1% rather than 6.9% in the fiscal year ending next March 31.
The Reserve Bank of India’s latest move trims rates to a nine-year low of 5.15% from 5.40%. Economists were expecting the reduction. The move follows a string of four cuts earlier this year that reduced the lending rate by 1.1 percentage points to its lowest level since 2010.
RBI says it will continue to cut its rate until economic growth improves. India’s economic growth slowed to a six-year low of 5% in April-June, damped by cuts in government spending and business investment, global trade tensions and consumer nervousness about India’s job market.
The country’s auto industry has seen steady shrinkage in sales over the past eight months, largely because of the collapse of non-bank financing services in India.
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