FM Arun Jaitley to meet Raghuram Rajan on Monday to urge rate cut

Finance Minister Arun Jaitley will meet Reserve Bank of India Governor Raghuram Rajan on December 1 to urge a cut in interest rates when the central bank holds a policy meeting the next day, a senior finance ministry source said.

"A rate cut is needed now," the source said on Thursday, speaking on condition of anonymity. "It can help the auto and housing sectors."

Gross domestic product figures for the quarter to September, due out on Friday, are expected to show that economic growth slowed from the prior quarter, the source also said.

"The second quarter (of the fiscal year) is always challenging. The number could be lower than in the first quarter."
 
(Reuters)