REPO RATE, CRR HIKED; ECONOMY TO SLOW DOWN TO 8%.

• Repo rate raised by 50 basis points to 9%
• Cash Reserve Ratio raised by 25 bps to 9%
• Reverse repo, bank rate unchanged at 6%
• GDP growth rate projection lowered to 8% from 8-8.5%
• Efforts to cool inflation to 7% by March 2009