Shumita Sharma Deveshwar

Director, India Research
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India Monitor: Surprise rate cut signals concerns about gradual recovery

Overview

With its surprisingly large 50bps cut in the policy repo rate, the Reserve Bank of India (RBI) beat even our out-of-consensus call that it would cut rates by 25bps at its 29 September monetary policy review and follow up with another rate cut of a similar magnitude before the end of this year. Based on RBI Governor Raghuram Rajan’s hawkishness to date, most market observers had pencilled in a 25bps reduction in September and the next rate cut only in 1Q/FY16. A slow economic...

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