The Financial Times reports that today the Indian central bank shaved another 25 basis points off the key interest rate, taking it down to 5.75 per cent. The third such cut this year, it follows very disappointing Q1 2019 GDP data released last week where the annualised rate of 5.8 per cent was the weakest in 5yyears; rarely has economic growth in this emerging market nation been below 6 per cent. Whether the move will result in much needed job creation is in doubt because the weak state of the banking industry in the country means that rate cuts are not being passed on.
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