India’s central bank lowers rate by 0.25%
High credit costs, low domestic capacity utilization as well as a slump in the inflation rate were cited as the main reasons behind the bank’s rate cut.
In the first quarter of this year, India’s economy grew 7.5% on a quarterly basis, exceeding China’s growth rate of 7% in the first three months to give India the distinction of being the world’s fastest growing economy.
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