India has aggressively raised benchmark interest rates as the central bank tacitly acknowledged that the incremental steps it had taken over the past year to tighten monetary policy had failed to tackle rampant inflation.
The Reserve Bank of India on Tuesday increased its two main monetary policy rates by 50 basis points – double most economist forecasts. The measure was taken as the bank warned inflation was higher than expected, threatening prospects for economic growth.
However, industry figures warned the move would hit investment and growth.
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