The Reserve Bank of India on Wednesday cut interest rates for a fourth straight meeting in 2019, taking advantage of mild inflation to expand its effort to boost an economy growing at its slowest pace in nearly five years.
The RBI maintained its "accommodative" stance adding that addressing growth concerns by boosting aggregate demand was their highest priority now.
"Addressing growth concerns by boosting aggregate demand, especially private investment, assumes the highest priority at this juncture while remaining consistent with the inflation mandate."Markets were little changed as the policy was largely in line with expectations. The 10-year benchmark bond yield rose to 6.36% from 6.33% before the policy announcement, while the rupee stable at 70.90 per dollar.
The RBI lowered its economic growth forecast to 6.9% from 7% and said inflation would likely remain within its target over a 12-month ahead horizon.
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