The Reserve Bank of India (RBI) governor D Subbarao today, 18 November 2008, said the central bank is monitoring the economic situation and will take action at the right time. The RBI government today met Finance Minister P Chidambaram and senior finance ministry officials.India's economy is slowing down after growing at an annual rate of 9% or more in the past three years.
The economic growth slumped to 7.9% in the April-June 2008 quarter from 9.2% in the same period last year. The Reserve Bank of India has downgraded its growth forecast to 7.5% to 8% for the current financial year. Some private sector economists expect an even lower rate of growth.
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