Mexican Media Brands
India Cuts Interest Rates
India's central bank has reduced its benchmark interest rate to 7.75% from 8%, effective immediately.
#economics
Share
India's central bank has reduced its benchmark interest rate to 7.75% from 8%, effective immediately.
The Reserve Bank of India has charged the higher rate on overnight lending for the past 12 months. Economists expected a reduction eventually but were surprised by the timing. The bank says the reduction is in part a response to a sharper-than-expected dip in the price of crude oil, commodities and fruit and vegetables.
There were other factors. BBC News notes that India's wholesale price index for December rose only 0.1%, one-sixth the expected increase. The consumer price index grew 5% compared with the 6% rate targeted by the bank.
Analysts predict several more rate reductions to help spur India's economy. They anticipate the lending rate will fall to 7% sometime this year.
RELATED CONTENT
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.