Raghuram Rajan Backs Jaitley on Growth, Cuts Repo Rate; Sensex Hits 30,000 for First Time
Reserve Bank Governor Raghuram Rajan's second rate cut in less than two months sent Indian stock markets to record highs on Wednesday. The Sensex jumped over 400 points to edge above 30,000 for first time ever as the RBI lowered repo rate by 25 basis points to 7.5 per cent.
This was the second rate cut this year that took place outside of the RBI's scheduled policy review meetings.
