Indian central bank chief Raghuram Rajan’s surprise move to raise the policy interest rate adds pressure on Prime Minister Manmohan Singh to take politically challenging steps to boost economic growth as elections near. The Reserve Bank of India unexpectedly raised the benchmark repurchase rate yesterday to contain price increases that have hit roughly 825 million citizens who earn less than $2 per day. In doing so, Rajan made it more urgent for Singh’s government to allow greater foreign investment and reduce food and fuel subsidies to bolster the economy.......
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