RBI rate action to help revive investment: Mukherjee
NEW DELHI (Reuters) - 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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Finance Minister Arun Jaitley on Saturday unveiled a budget that aims to ramp up growth, aided by a slowed pace of fiscal deficit cuts and a raft of tax measures to put private domestic and foreign capital to work. Read | Full Coverage