Raghuram Rajan, governor of the Reserve Bank of India, kept the country’s key interest rates unchanged on Tuesday, disappointing Indian business leaders hoping for a quick cut but reinforcing his credibility as an inflation fighter for the long term.
A cautious Mr Rajan ignored pleas from business that sluggish economic growth and recent sharp falls in inflation required a gesture from the central bank, holding the repo and reverse repo rates at 8 per cent and 7 per cent respectively. The benchmark Sensex index of Indian stocks fell 0.4 per cent after the announcement.
But Mr Rajan held out the prospect of an easing of rates within months, provided conditions stayed favourable.
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