India's flagging economy needs urgent boost amid muted inflation: MPC minutes [Reuters]
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Source: Reuters
India's flagging economy needs urgent boost amid muted inflation: MPC minutes - Reuters 3 Min Read MUMBAI (Reuters) - With inflation in India well within the monetary policy committee’s (MPC) mandated target, it is crucial to give higher importance to faltering economic growth, members said in the minutes of the June meeting released on Thursday. The MPC in June cut its key interest rate by 25 basis points, a third straight cut since the start of 2019, while also changing its stance to “accommodative,” after data showed the economy growing at its slowest in more than four years. “The evolving macroeconomic configuration imparts urgency to strong policy support for the flagging economy in pursuance of the goals set for the MPC,” committee member Michael Patra said. Asia’s third largest economy grew at a slower-than-expected 5.8% in the last quarter, far below the pace needed to generate jobs for the millions of young Indians entering the labour market each month. Members broadly sugges
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