India’s central bank cut interest rates Friday for the first time in nearly five years, as concerns over a growth slowdown in the world’s fifth largest economy outweighed inflation risks.

On Friday, the Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) reduced the repo rate, the rate at which the RBI lends to commercial banks by 25 basis points, bringing it down to 6.

Governor Sanjay Malhotra will announce a decision on repo rates today. Pakistan will host a biennial multinational naval exercise, dubbed Aman (Peace) 25. A New York judge is expected to announce the