India's central bank raises benchmark rate for first time in four years

India's central bank has raised its benchmark interest rate for the first time in about four years, citing rising inflation and global tightening.

• The Reserve Bank of India raised its benchmark repo rate by 25 basis points to 5.5% in a unanimous decision on Wednesday.
• The six-member monetary policy committee voted 4-2 to shift its stance from neutral to "calibrated tightening."
• Governor Sanjay Malhotra said rate cuts are excluded in the near term and future action will be limited to hikes or holds.
• The central bank raised its inflation forecast for the current fiscal year to 5.2% and its GDP growth forecast to 7.1%.