India Cuts Lending Rate as Modi Faces Economic Challenges

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MUMBAI—India’s central bank cut its key lending rate as Prime Minister Narendra Modi begins his second term in office trying to boost a slowing economy.

Mr. Modi’s Bharatiya Janata Party won national elections last month, securing him a larger majority and a second five-year term.

India’s growth slowed to 5.8% last quarter on lower consumer…



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