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India Lowers Interest Rate Again
The Reserve Bank of India has trimmed its key lending rate to 7.25% from 7.5%. It was the central bank's third reduction this year.
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The Reserve Bank of India has trimmed its key lending rate to 7.25% from 7.5%. It was the central bank's third reduction this year.
The bank says it implemented the cut because of India's declining consumer price index, low domestic capacity utilization, "subdued" investment growth and other "mixed indicators of recovery."
The adjustment came days after the government calculated a 7.5% increase in India's gross domestic product in January-March. Many economists complain the government's new method of determining GDP activity may not be accurate because it ignores several traditional economic indicators.
Analysts predict no further action by the RBI on interest rates until the end of 2015, pending an increase in India's inflation rate. The bank targets an inflation range of 2%-6%. April's rate was 4.9%..
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