India acts on double-digit inflation

The Reserve Bank of India on Tuesday made its second emergency rate increase this month, raising borrowing costs by half a point after inflation reached a 13-year high last week.

The repo rate now stands at 8.5%.

"Important developments have taken place in recent weeks with regard to inflation," said Alpana Killawa, the chief general manager of the Reserve Bank of India. "An adjustment of overall aggregate demand on an economy-wide basis is warranted to ensure that generalised instability doe

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