Indian central bank slashes rates to shore up growth

The Reserve Bank of India on Saturday slashed its key interest rates by 1 percentage point to boost growth and shore up investor confidence amid signs of economic slowdown and in the wake of deadly attacks in Mumbai. The decision came a day after the government cut state-set fuel prices for the first time in nearly two years and ahead of expected fiscal measures to keep Asia's third-largest economy expanding, just as manufacturing activity is slowing down.