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Global turmoil to hit India: PM

October 21, 2008
Prime Minister Manmohan Singh on Monday said that India’s economic growth may decelerate to 7.5 per cent in 2008-09, as the country is experiencing ‘ripple effects’ of the global financial crisis and liquidity crunch.

Singh also added that the recent steps taken by the government would help ease a liquidity shortage. The central bank cut its key short-term lending rate by 100 basis points to alleviate pressures caused by the global financial crisis.

Video: ANI
Also see: Rate cut in line with govt policy: FM

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