NEW DELHI The Reserve Bank of India's (RBI) decision to cut its key interest rate, by an unexpectedly sharp 50 basis points, will help revive investment, Finance Minister Pranab Mukherjee told reporters on Tuesday.
The central bank cut interest rates on Tuesday for the first time in three years, lowering its policy repo rate to 8.00 percent, in a bid to revive a slowing economy.
Mukherjee also said the government would take additional steps in coming weeks to bolster economic growth.
(Reporting by Arup Roychoudhury; editing by Malini Menon)
Trending On Reuters
Tata Motors shares fell more than 5 percent on Wednesday after a surprise drop in its bottom line, hit by weak demand for luxury Jaguars and Range Rovers in China, where automakers are under pressure to cut prices. Full Article
Factbox - China's leaders sign $80 bln of deals with India, Brazil and others Full Article