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BUSINESS
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The Reserve Bank of India (RBI) on Thursday cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 per cent amid falling economic growth and uncertain global scenario. The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das concluded its second meeting for the fiscal year 2019-20. On February 07 and April 04, the central bank had reduced the key lending rate by 25 basis points to infuse liquidity and push growth. India's economy grew just 6.8 per cent in 2018-19, according to government data. In the fourth quarter (January to March), the growth dipped to 5.8 per cent, marking a five-year low. Meanwhile, headline inflation stood at 2.9 per cent year-on-year in April, below the RBI's target of 4 per cent.