The Reserve Bank of India cut its policy rate for the first time in nearly five years as economic growth slows and inflation cools.

India is expected to cut interest rates for the first time in nearly five years on Friday to provide stimulus to its sluggish economy, with easing price pressures giving policymakers more room to manoeuvre.

(Reuters) -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.