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India finally lowers key interest rate

in International Business

India finally lowers key interest rate

india's economyThe Reserve Bank of India (RBI) has been pressured to lower key interest rate from 8% to 7.75%.

The Bank was refusing to cut interest rate in order to make sure to keep inflation in check.

Amid the slowing of consumer price growth rate, the Bank finally cut its main interest rate for the first time in nine months, in a bid to revive economic growth.

India’s growth hit a three-year low in the July-September quarter and the RBI has been under increasing pressure to lower the cost of borrowing.

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