The Reserve Bank of India (RBI) lowered its benchmark interest rates for a fourt...
MUMBAI - The Reserve Bank of India lowered its benchmark interest rates for a fourth straight meeting on Wednesday with a slightly bigger than expected cut, underscoring its worries about India’s near-five year low economic growth pace.
The RBI’s move came hours after the New Zealand central bank’s decision to cut its rates by a steep 50 bps, and just before the Bank of Thailand surprised the market by cutting its benchmark. Indeed, the RBI lowered its economic growth forecast to 6.9% from 7% for the current fiscal year, and said it sees inflation remaining inside its target range over a 12-month horizon.
Earlier this week, Sitharaman said the government plans to take steps to improve the state of the economy “fairly quickly” after getting inputs from business leaders. “The real issues are improving monetary policy transmission and reviving the non-banking finance companies sector; the policy does not provide any new measures or even perspectives on these areas,” said Sujan Hajra, chief economist at Anand Rathi Securities in Mumbai.
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