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October 15, 2001
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Rate cut not only way to boost economy: Sinha

Finance Minister Yashwant Sinha said on Monday that reducing interest rates was not the only way to stimulate demand in a sagging economy.

"The rate cut is one factor amongst many factors that drives the economy. The interest rate has become the flavour of this week," Sinha told an insurance seminar.

"Therefore we put our touching faith in that (cutting rates) creating the magic. It has not created magic elsewhere. It may not create magic here also," he said.

"Interest rates in India are perhaps the lowest ever in a decade," he added.

The finance minister also did not see pressure on prices in the months ahead.

"I don't expect any inflationary pressure in the months to come. This is one area where we can take credit from the fact that inflation has been very low."

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