India cut its growth forecast

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Source: BBC
On Tuesday, July 31, the Reserve Bank of India lowered its growth forecast for this financial year to 6.5 per cent from previous estimate of 7.5 per cent. The forecast was lowered mostly because the nation's economy expanded only by 5.3 per cent in the first quarter, the slowest pace since 2003 and as the consumer price index jumped above 7 per cent level.  At the same time they left the benchmark interest rate unchanged at 8 per cent level. 
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