India Inc cheered the RBI's move to slash the benchmark interest rate for the first time in nearly five years on Friday and asserted that it will complement the consumption-boosting measures announced in the last week's budget,

The Reserve Bank of India (RBI) reduced its key repo rate on Friday for the first time since May 2020, aiming to provide stimulus to the sluggish economy, which is projected to grow at its slowest pace in four years during the current fiscal year.

India’s new central bank governor cut interest rates for the first time in almost five years on Friday to help spur a slowing economy as global risks intensify.