The North Block or Indian Finance Ministry is pushing Reserve Bank of India Governor Raghuram Rajan for an out-of-policy rate cut. With the latest macro details that were announced on Wednesday- July CPI slumping to 3.8 percent and June IIP surging to 3.8 percent - the Finance Ministry believes there now a very strong case for a rate cut.
The CPI data, infact, came in lower than the RBI's forecast so there is merit in out of turn rate cut, add sources. What is adding to talks of lower rates, is the significant slump seen in global crude prices.
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