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Industry asked to cut prices of steel products

Special Correspondent

NEW DELHI: As part of the steps to contain inflation, the government on Thursday prevailed upon industry to cut the prices of select iron and steel products by up to 10 per cent.

In the event, the general expectation is that the galloping inflation may force the Reserve Bank of India (RBI) to go in for another hike in short-term lending (repo rate) to banks along with an increase in the cash reserve ratio (CRR) by way of statutory deposit requirements during the credit policy review on July 29.

Towards this end, the apex bank, it may be recalled, already increased the repo rate and the CRR by 0.5 per cent on June 24.

According to Goldman Sachs, the RBI is expected to announce another increase of 50 basis points each in the repo rate and the CRR over the next three months to bring about further credit tightening.

The government, meanwhile, has revised the inflation data for the week ended April 26 to 8.27 per cent from the provisional figure of 7.61 per cent.

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