New Delhi sources have reported that sounding a note of caution on the inflationary impact of rising global crude oil prices ahead of the RBI's final monetary policy review of the fiscal, Finance Minister Arun Jaitley said that lowering interest rates is a decision entirely in the domain of banks.



Meanwhile in an interview following the presentation of the Budget 2018-19 last week, he also said that both oil prices and the monsoons are factors that could come in the way of India realizing GDP growth of 8%. Jaitley said "Banks will decide on these matters," and the lower interest rates are being ruled out in view of the latest inflation data and the current oil prices.

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Moreover Jaitley said "If we reach 8%, it is a good achievement for the country as no other country has achieved it. In line with the earlier official estimate of the country's GDP growth in the last fiscal, demonetization hit India's gross domestic product during 2016-17 grew at 7.1%, Central Statistics Office (CSO) data showed last month.

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