India's central bank beats market expectations to deliver outsized rate cut of 50 points

From cnbc.com

India’s central bank delivered an outsized cut to its benchmark policy rate, bringing it to 5.5% from 6%, its lowest level since August 2022. This also marks a third straight rate cut since February, and comes below the median estimates of 5.75% in a Reuters poll. The decision comes after a better-than-expected GDP growth figure in its fiscal fourth quarter, with the economy expanding 7.4% year-on-year compared to the 6.7% estimated by economists polled by Reuters. However, the central bank held its full-year GDP estimate at 6.5%, marking a sharp slowdown compared to the 9.2% seen in the previous financial year, ... (full story)