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| Friday, 1 March 2002 |
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Indian finance minister announces interest rate cut NEW DELHI, Feb 28 (AFP) - Indian Finance Minister Yashwant Sinha announced Thursday an interest rate cut of a half percentage point in government-promoted savings schemes. "Most administered interest rates will be reduced by 50 basis points," Sinha said in his annual budget statement. With inflation at a two-decade low, the government has been under pressure to bring down interest rates which currently stand at between 10 and 12 percent. |
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