India’s central bank raises repo rate to 5.5% in first hike in nearly four years

India’s central bank raised its repo rate by 25 basis points to 5.5% on October 7, Reuters reports. The six-member rate panel voted unanimously amid mounting inflation and strong economic growth. The RBI shifted from a neutral stance to “calibrated tightening,” but Governor Sanjay Malhotra said the timing and size of any further hikes would depend on inflation and growth outcomes.