More rate cuts? RBI vows to ease monetary policy as 'long as necessary'

RBI Governor Shaktikanta Das pledged further monetary policy easing if needed after reducing interest rates for a fifth time to boost a flailing economy.

The Reserve Bank of India lowered its benchmark repurchase rate by 25 basis points to 5.15 per cent on Friday, in line with the forecasts of a majority of economists surveyed by Bloomberg. Echoing Mario Draghi’s “whatever it takes” sentiment, Das said policy makers will “continue with the accommodative stance as long as it is necessary to revive growth while ensuring inflation remains within the target.”

Growth in the consumption-driven economy has taken a beating amid rising unemployment