Jaitley hopes low interest rates, inflation to stay

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Mumbai, Oct 31 (ANI): Finance Minister Arun Jaitley on Saturday said he hoped interest rates and inflation remained low to help revive the Indian economy. Last month, the central bank cut its policy interest rate to a 4-1/2 year low of 6.75 percent, in a bigger-than-expected move, which, along with low levels of inflation, is expected to help a slowing economy. Jaitley also said the government would soon announce measures to deal with the debts faced by the power industry. Globally, central banks are fighting to contain concerns over deflation, as prices continue to fall in most eurozone countries, Japan and China. India, however, is one of the brighter spots, with the economy picking up after two years of sub-par growth, reflecting in part a recovery in business confidence since Prime Minister Narendra Modi swept to power with a landslide election victory last May.

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