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Big news in India where the Reserve Bank of India has cut interest rates for the first time in 5 years, with the repo rate falling from 6.5% to 6.25% as economic growth slowed to a four-year low of 6.7%.
Yes, you read that right. Economic growth of 6.7% and still the central bank wants to cut rates. This is because India has such a high trend rate of growth, and recent data suggests that investment and urban consumption are slowing - as a result growth in expenditure is lagging behind growth in productive capacity, and the monetary authorities would like the two to rise in step and maximise both economic growth and development.