India trims policy rate for fifth time in row to 9-year low

Central bank revises growth forecast for current fiscal year to 6.1% from 6.9%

The Monetary Policy Committee headed by RBI Gov. Shaktikanta Das has now trimmed the repo rate by 110 basis points in five consecutive meetings. © AP

ROSEMARY MARANDI, Nikkei staff writer

October 4, 2019 15:17 JST

Updated on October 4, 2019 17:32 JST

MUMBAI -- The Reserve Bank of India-led Monetary Policy Committee on Friday initiated another rate cut -- this time trimming the repo rate by 25 basis points to 5.15% -- to support Prime Minister Narendra Modi's efforts to revive the sluggish economy.

The rate cut is largely in line with economists' expectations.