Indian Finance Minister Palaniappan Chidambaram is planning a tour of Asia and Europe aimed at wooing investors to the nation, as a record current-account deficit threatens growth, four people with knowledge of the matter said.
India’s central bank left interest rates unchanged for a fifth straight meeting, as the fastest inflation among the biggest emerging nations inhibits scope for monetary easing sought by the government.
The Indian rupee’s slump to its weakest level since at least 1973 risks boosting inflation and spurring higher interest rates just as a manufacturing slowdown eases price pressures in neighboring China.
Truck driver Sujan Singh should be delivering cars to Mumbai from Maruti Suzuki India Ltd.’s plant near New Delhi. Instead, he’s sitting at a roadside cafe by one of India’s busiest highways, waiting for the traffic to ease.
India’s economic growth is weakening more than anticipated and inflation remains “high” as the rupee’s fall threatens to stoke price pressures, the central bank said, signaling it may leave interest rates unchanged.