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PR Newswire
30-10-2013, 09:29 AM
India central bank continue to fight against inflation. With benchmark interest rate of 7.75 per cent, may be one of the highest?
India central bank hikes rate to control inflation
MUMBAI — India’s central bank raised its key interest rate for the second time in two months yesterday, underlining the determination of its new chief to control inflation despite concerns economic growth could slow further.
Reserve Bank of India Governor Raghuram Rajan said the benchmark interest rate was raised by a quarter percentage point to 7.75 per cent. His hard line against inflation increases pressure on the government to revive growth through reforms to make the economy more efficient, instead of relying on the short-term fix of cheap credit.
“It is important to break the spiral of rising price pressures in order to curb the erosion of financial saving and strengthen the foundations of growth,’’ Mr Rajan said.
He said he expects both wholesale and consumer price inflation to remain elevated in the coming months. AP
http://www.todayonline.com/business/indi...-inflation
India central bank hikes rate to control inflation
MUMBAI — India’s central bank raised its key interest rate for the second time in two months yesterday, underlining the determination of its new chief to control inflation despite concerns economic growth could slow further.
Reserve Bank of India Governor Raghuram Rajan said the benchmark interest rate was raised by a quarter percentage point to 7.75 per cent. His hard line against inflation increases pressure on the government to revive growth through reforms to make the economy more efficient, instead of relying on the short-term fix of cheap credit.
“It is important to break the spiral of rising price pressures in order to curb the erosion of financial saving and strengthen the foundations of growth,’’ Mr Rajan said.
He said he expects both wholesale and consumer price inflation to remain elevated in the coming months. AP
http://www.todayonline.com/business/indi...-inflation
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