Rajeev Malik News
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India’s central bank governor signaled the nation has almost no space left to ease monetary policy further, following the third interest-rate cut this year to bolster a struggling economy.
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The gold rout may narrow India’s record current-account deficit, easing pressure on the rupee, damping inflation and boosting scope for a further reduction in interest rates.
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The Indian central bank’s second interest-rate cut this year to spur growth was overshadowed by political drama as a key ally withdrew support for the coalition government, imperiling a push for reforms to revive investment.
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The biggest critic of India’s $100 billion budget deficit is also one of the largest purchasers of the debt that finances it: the central bank.
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India’s central bank may start loosening its monetary policies by the middle of next year as inflation eases, Rajeev Malik, economist at CLSA Ltd., said.
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India’s central bank will consider reducing interest rates for the first time since April after government efforts to pare the budget deficit stemmed a slide in the rupee, boosting scope to stimulate the economy.
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India’s central bank unexpectedly reduced the amount of deposits lenders must set aside as reserves, supporting the government’s push to revive growth even as it kept interest rates unchanged to damp elevated inflation.
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The following are the day's top business stories:
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The cost of fixing five-year borrowing costs in India rose the most in two months this week on speculation companies are expanding production and improving earnings even after eight interest-rate increases.
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India’s inflation slowed to the lowest level in a year, boosting the central bank’s scope to support growth by pausing its record interest-rate increases.
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