The Reserve Bank of India (RBI) cut its key repo rate for the first time in nearly five years on Friday and signalled a less restrictive policy approach ahead, as it seeks to provide stimulus to the sluggish economy.

Many economies seem to be settling into a lower-rate environment. That’s in stark contrast with the Federal Reserve, which has to deal with volatile policies.

The Reserve Bank of India cut its policy rate for the first time in nearly five years as economic growth slows and inflation cools.