India, Feb. 7 -- The RBI Monetary Policy Committee (MPC) has finally reduced interest rates - by 25 basis points to 6.25%; one basis point is one-hundredth of a percentage point - after five years or May 2020, to be precise. This comes against the backdrop of a sharp slowdown in GDP growth in the current fiscal year (2024-25). RBI's and finance ministry's assessment (as per the 2024-25 Economic Survey) is that GDP growth will continue to be sub-7% for the next fiscal year as well. MPC expects it to be 6.6%, which is within the Economic Survey's range of 6.3%-6.8%. The Union Budget has already done its bit to boost growth with the upward revision in income tax slabs which, it estimates, will boost the disposable incomes by Rs.1 lakh crore....