A cornered RBI acquiesces

The Reserve Bank of India (RBI), as was widely expected by economists, on Tuesday cut the repo rate and the cash reserve ratio (CRR) by 25 basis points each to 7.75% and 4%, respectively. The central bank also cut its gross domestic product (GDP) growth rate forecast for the current fiscal and year-end inflation estimate to 5.5% and 6.8%, respectively.

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