Ramya Suryanarayanan News
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Indian Prime Minister Manmohan Singh pledged to restore confidence in Asia’s third-largest economy as he resumed control of the finance ministry after growth slowed to the weakest in almost a decade and the rupee slumped.
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India unexpectedly left interest rates unchanged as the fastest inflation among the biggest emerging markets narrows scope to bolster an economy struggling with trade and budget deficits and Europe’s debt turmoil.
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India’s central bank raised interest rates for the second time in a month and ordered lenders to set aside more cash as reserves, seeking to slow the fastest inflation among Group of 20 nations.
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India’s food inflation slowed to a seven-week low, an easing that may be insufficient to prevent the central bank from raising interest rates further.
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India will take several months to reduce inflation to “an acceptable level,” and the central bank’s interest-rate increases haven’t hurt the economy, Prime Minister Manmohan Singh’s top economic aide said.
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India signaled it’s prepared to act against excessive declines in the rupee, as Asia’s worst performing currency this year threatens to exacerbate the fastest inflation among so-called BRIC nations and hurt growth.
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Ramya Suryanarayanan, an economist with DBS Group Holdings Ltd. in Singapore, comments after India’s central bank raised interest rates for the 12th time since the start of March 2010.
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Reserve Bank of India Governor Duvvuri Subbarao said faster inflation is a “big worry” for the economy and the central bank plans to remove monetary stimulus in a gradual manner to ensure sustained growth.
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South Korea’s won and India’s rupee fell among Asian currencies on concern China’s slowing economy will damp demand for exports from the region.
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India’s industrial production growth unexpectedly slowed in February, a deceleration that may be insufficient to stop the central bank from raising interest rates further.
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