Indian industry cheers central bank's rate cuts

Indian industry cheered the central bank's decision on Feb 16, 2001 to lower interest rates, saying it would help ease the country's industrial slowdown. The Reserve Bank of India (RBI) said it was cutting its benchmark bank rate to 7.5 percent from 8.0 effective Feb 17, 2001. The RBI also cut banks' cash reserve ratio (CRR) by 50 basis points in two stages of 25 each to 8.0 percent from 8.5.

"This timely measure will help contain the industrial slowdown to some extent as it will enable corpor