NEW DELHI (Reuters) - The prime minister's economic advisor C Rangarajan said on Friday he doesn't expect the RBI to cut interest rates at its next policy meeting on December 18.
Asia's third largest economy is headed for the weakest full-year growth in a decade, at about 6 percent, far below the near double-digit pace before the global economic downturn.
But despite the slowdown, the Reserve Bank of India has not lowered interest rates since April because inflation has remained near 7 percent, exacerbated by a weak rupee that has added to the cost of fuel imports. (Reporting by Arup Roychoudhury; Editing by Jijo Jacob)
Trending On Reuters
Heavy rains and a landslide in the Himalayan region of Kashmir killed 17 people, police said on Tuesday, as authorities continued working to rescue stranded villagers, with unseasonal rains raising fears of flash floods in the mountainous north. Full Article