The former revenue secretary in the Ministry of Finance, Malhotra is expected to announce the cuts to lower interest rates for economy’s growth which is expected to reach a four year low.

The Reserve Bank of India announced a 25 basis point cut in the repo rate, now at 6.25%, the first reduction in five years. The decision follows declining inflation rates and the need to support economic growth.

In a landmark decision, the RBI, the central bank of India, announced a rate cut after nearly five years. The RBI Governor, Sanjay Malhotra, made this announcement after conducting his first-ever MPC meeting as the new RBI Governor.