MUMBAI, Oct 7 (Reuters) - India's central bank raised its benchmark repo rate by 25 basis points to 5.5% on Wednesday, marking the first rise in nearly four years amid mounting inflation and strong economic growth. The central bank also signalled more rate hikes by changing its stance from "neutral" to "calibrated tightening", but Governor Sanjay Malhotra said the extent and timing of any more increases would be contingent on actual inflation and growth data. India has joined major central banks in raising rates as higher oil prices triggered by the Iran war fuel inflation, squeeze purchasing power and weigh on currencies. Weak monsoon rains linked to El Niño have compounded price pressures in Asia's third-largest economy.
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