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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, providing much-needed support to the economy.
Industry bodies were of the view that the Reserve Bank’s 25 basis points rate cut to 6.25%, which comes after the last rate reduction in May 2020, sets the stage for further easing of interest rates over the near term.
The last revision of rates happened in February 2023 when the policy rate was hiked by 25 basis points to 6.5%.
“This calibrated approach by the Central Bank reflects a careful balance between fostering economic growth and maintaining financial stability. The rate cut is anticipated to complement the consumption-boosting measures announced in the Union Budget 2025-26, providing a boost to domestic demand drivers,” Chandrajit Banerjee, Director General at CII, said.
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