India finance minister Nirmala Sitharaman said her country's economy - hit by U.S trade tariffs - will need help from the Reserve Bank of India and the government as she welcomed Wednesday's interest rate cut by the central bank.
India's Monetary Policy Committee cut its repo rate for a second consecutive time by 25 basis points to 6.00% as it seeks to boost a sluggish economy in the face of U.S. trade tariffs.
The central bank started lowering rates with a quarter-point reduction in February, its first cut since May 2020.
"I welcome it with a sense of joy," Sitharaman told reporters during a trip to London about the interest rate cut, adding that "growth is of great importance."
She added that India "will need every support, both from the central bank and from the ministry."