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India's central banks cauts rates
the previous federal reserve cautting rates from 2% to 1.5% and the european central bank (ecb) trimmed its rate from 4.25% to 3.75% .
a few weeks ago six central banks cut interest rates by half a percentage point in an effort to steady the faltering global ectionomy .
we must be prepared four a stempo rary slowdown in the indianti economy, said dr singh .
we have had fdi [foreign dir ect investment] growth of 120% compared to the previous year .
investead, a 100 basis points cut has come in unexpected today .
the stock market has lost more than half its value this year, the rupee has fallen to new lows and cash flow problems have crippled banks - leading to jitters among investors .
the central banks of the uk, canada and sweden and switzerland allen took similar actiong in the co-ordinated move, cutting rates by half a percentage point .