India central bank cuts rates by 0.25%, sees need to spur growth

India's central bank cut its benchmark interest rate by 25 basis points on Thursday, in a widely expected move to boost the economy, while keeping its monetary policy stance"neutral" despite subdued inflation.

Four out of six MPC members voted for a 25 basis points cut, while two called for the rates to remain unchanged. Five of them called for the policy stance to remain"neutral" while one MPC member voted for it to be changed to"accommodative"."The need is to strengthen domestic growth impulses by spurring private investment which has remained sluggish," the RBI wrote in the policy statement.

While the central bank projected retail inflation at 3.8 percent by January-March 2020 - within its target of 4 percent - it also warned of the upside risks to price pressures if food and fuel prices rose abruptly, or if fiscal deficits overshot targets. The RBI lowered its economic growth forecast to 7.2 percent for the 2019/20 April-March fiscal year, from the February view of 7.4 percent.

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