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India Raises Interest Rates to Stem Surging Inflation Print E-mail
by Tom McGregor    Tue, Jan 28, 2014, 08:41 PM

India has been plagued by soaring inflation and the nation's Reserve Bank is fighting it, by raising interest rates.

The BBC News reports that, "India's manufacturing sector has suffered because of higher interest rates as Puneet Pal Singh reports."

Economists were not anticipating the interest rate hike beforehand.

According to the BBC News, "India's central bank has unexpectedly raised interest rates in an attempt to rein in stubbornly high consumer prices in a crucial election year. The Reserve Bank of India (RBI) raised the benchmark repo rate - the amount at which it charges to lend to commercial banks - to 8% from 7.75%."

India's core inflation rate stands at 6.16%

To read the entire article from the BBC News, link here:

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