, Columnist
India’s Central Bank Caught a Lucky Break
Low inflation and slower global growth warrant lower borrowing costs. Questions about independence can wait for another day.
The Fed handed RBI Governor Shaktikanta Das some political cover.
Photographer: Indranil Mukherjee/AFP/Getty Images
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Call it beginner's luck.
India's interest-rate cut Thursday, a surprise to most economists, was justified: Inflation is well below target and growth is slowing across all major economies. In that regard, India is firmly in the mainstream.