India Inc cheered the RBI's move to slash the benchmark interest rate for the first time in nearly five years on Friday and asserted that it will complement the consumption-boosting measures announced in the last week's budget,

The RBI rate cut will help improve loan affordability and boost housing demand. Lower interest rates will benefit existing and new home loan borrowers.

The Reserve Bank of India (RBI) reduced its key repo rate on Friday for the first time since May 2020, aiming to provide stimulus to the sluggish economy, which is projected to grow at its slowest pace in four years during the current fiscal year.