INDIA'S central bank cut its main interest rate from 7.75% to 7.5% today, giving qualified approval to the government's recent budget. Last month the bank had said that future interest-rate reductions would depend on fiscal rectitude. The cut came a day after the government set a formal inflation target for the bank, of 4%, from 2016-17.
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India's new budget included plenty of overdue reforms (February 2015)
