The SBI has cuts its auto-loan rate by 75 basis points, to 11.25 percent, and the rate for business loans to Small and Medium Sized Enterprises by 200 basis points. This follows on from last week's much needed repo rate cut by the central bank, the RBI.
These are both steps in the right direction, and will hopefully stop the Indian economy from slowing down further.
With further such measures, the Industrial Output Index could soon be picking up. More such measures will be welcomed by the hard-pressed population some time soon.
The Sensex and Nifty may start moving upwards and on.