RBI cuts interest rate, while eyeing lower inflation
The Reserve Bank of India (RBI) cut its benchmark interest rate by 25 basis points (bp) to 7% today, as both growth and inflation figures came in below the central bank's estimate.
In the past year, the Indian economy grew by 5% and experienced 6% inflation, compared with RBI forecasts of 5.5% and 6.8% respectively.
In its monetary policy statement for 2013-14, which it published alongside the policy decision, the RBI projects "only a modest improvement" in growth to 5.7% in the coming year
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