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Banks will decide if to lower interest rates: Jaitley | ||||||||
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Sounding a note of caution on the inflationary impact of rising global crude oil prices ahead of the RBI's final monetary policy review of the fiscal, Finance Minister Arun Jaitley on Monday said that lowering interest rates is a decision entirely in the domain of banks. In an interview to CNBC-TV18 following the presentation of the Budget 2018-19 last week, healso said that both oil prices and the monsoons are factors that could come in the way of India realising GDP growth of 8 per cent. The government's annual report on the economy tabled in Parliament before the Budget forecast a GDP growth of 6.75 in the current fiscal, to be followed by 7 to 7.5 per cent in 2018-19. The Economic Survey 2017-18 authored by Chief Economic Adviser (CEA) Arvind Subramanian, however, also said there were both upside potential and downside risks to this "baseline forecast" with rising global crude oil prices being the most potent among future challenges. | ||||||||
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