Reserve Bank shifts focus from inflation to growth
Raghuram Rajan doesn't see much of an upside risk to inflation but the downside risks to growth have increased
Within an hour of Reserve Bank of India (RBI) governor Raghuram Rajan announcing a 50 basis point (bps) policy rate cut, finance minister Arun Jaitley called a press conference in Delhi’s North Block, which houses the ministry, and read out a prepared statement saying the rate cut would provide support to the real economy and help in recovery process in Asia’s third largest economy. One basis point is one-hundredth of a percentage point.
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