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Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.07% in the week ended 13 October 2007 compared with the week ended 6 October 2007.
Banks charge interest rates for pre-shipment and post-shipment credit at 2.5% lesser than their prime lending rates (PLR). Lending rates for banks range between 12-14%.
In the speech titled 'Road travelled and the way forward,' Chidambaram explained that on the demand side higher growth in foreign reserves, which were estimated at over $239 billion at the end of September 2007, and robust credit growth have exerted pressure on prices. |
Friday, October 26, 2007
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