Commerce and Industry Minister Piyush Goyal expressed confidence that the Reserve Bank of India (RBI) would reduce interest rates as inflation remains under control. He noted that while the benchmark interest rate has been at 6.5% since February 2023, economic fundamentals in India are robust, with inflation averaging around 5-5.5% over the past decade. Goyal anticipated a reversal of rate hikes in the near future, given the controlled inflation post the Ukraine crisis.
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