India ex-finance minister calls for "massive" cuts

A former Indian finance minister has called on the Reserve Bank of India to cut rates drastically in order to buoy the country's flagging economy.

Yashwant Sinha, who was finance minister from 1990 until 1991 and from 1998 until 2002, told Bloomberg, a newswire, on Monday: "What we should be doing is release money into the system, reduce interest rates and persuade banks to lend more."

Sinha, who represents the country's main opposition party in parliament, added: "Inflation is near zero and t