Indian rates may not rise-former governor

India's central bank may hold back on further interest rate hikes this year, according to a former Reserve Bank of India governor, Bimal Jalan.

"I don't think India is in the grip of inflation", Jalan, now a member of India's parliamentary committee on finance, said on Wednesday. "With the pause in the US and in some other countries, plus with oil prices coming down, there will be a pause [in India] too."

The central bank has already raised rates three times this year to 6%. The central bank's

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