Indian central bank slashes rates to shore up growth
Updated on Dec 07, 2008 08:12 pm IST
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.
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