The central bank, according to the policy statement, intends to continue with an accommodative stance as long as it is necessary to revive growth, while ensuring inflation remains within target.
The 35 basis point repo rate cut is not the first unconventional rate action from the central bank as two repo rate actions in March 2003 saw a 40 and 10 basis points reduction in a matter of 13 days.
FM Nirmala Sitharaman will hold similar meetings with representatives from MSMEs, auto, industry associations, financial market stakeholders, and others to address sector-specific issues.
While broader indices Sensex and Nifty 50 fell over 701 and 214 points respectively in intraday trade, S&P BSE MidCap and SmallCap fell 2.15% and 2.59% to record new 52-week lows.
