India cuts rates to 8% to boost growth

India's central bank has cut interest rates for the first time in three years in an attempt to boost growth.

Despite steep inflation, the Reserve Bank of India (RBI) lowered its key rate to 8% from 8.5% yesterday as it seeks to lift current GDP levels. While inflation remains high - its consumer prices rose by 6.89% year on year in March - it has retreated, and this week's reading was lower than February's figure of 6.95%. India has been battling rising inflation for the last few years, with the central bank increasing interest rates 13 times since March 2010. However, the bank has now acted to lift growth after the economy slowed late last year. India's GDP expanded by 6.1% between Oc...