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India's Jaitley says conditions favourable for further rate cuts

[NEW DELHI] Conditions in India are favourable for further interest rate cuts due to low global commodity prices as well as prospects of good summer crops, the finance minister said on Thursday.

Arun Jaitley also told CNBC-TV18 news channel that he expected food inflation to remain under control.

His comments come after India's central bank on Tuesday kept its policy rate on hold, but left the door open to ease further depending on the inflation outlook and how swiftly banks lower their lending rates.