RBI cuts benchmark rate as growth falters

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The Reserve Bank of India (RBI) cut its benchmark interest rate by 25 basis points to 7.5% today, after GDP growth recorded its slowest pace in almost four years.

This is the second time the RBI has lowered rates this year, after an initial 25bp cut in January. The domestic growth rate has been steadily sliding since the days of double digits in 2010, and fell to 4.5% between October and December in 2012 – the slowest pace for 15 quarters.

Moreover, the RBI monetary policy review said the services

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