March 14, 2013 6:04 PM

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FinMin hopeful RBI to reduce key interest rate in monetary policy review next week<br/>

With inflation in manufactured items showing signs of decline, the Finance Ministry today expressed the hope that RBI will reduce key interest rate in its monetary policy review next week. Talking to reporters in New Delhi today,Department of Economic Affairs Secretary Arvind Mayaram said, the RBI will do a comprehensive and nuanced analysis of the economy and take the right decision and will vote for growth. Industry is demanding a cut in repo rate to help revive India&apos;s sagging GDP growth that hit decade&apos;s low of 4.5 per cent in the third quarter of 2012-13.The Secretary said the rise in Wholesale Price Index based inflation is largely due to food inflation. He, however, said food inflation is worrisome and it is necessary to look at it.

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