CII demands 1% rate cut, reform measures to boost growth

CII demands 1% rate cut, reform measures to boost growth
Highlights

New Delhi (PTI): Industry body CII on Monday pressed for one per cent cut in interest rates by the Reserve...

cii2New Delhi (PTI): Industry body CII on Monday pressed for one per cent cut in interest rates by the Reserve Bank to attract investment and demanded more reform measures to accelerate economic growth.

CII's newly elected President Kris Gopalakrishnan said to revive economic growth and to take the expansion rate to 8-9 per cent in the next two years it is essential to kick start investment. Early implementation of Goods and Services Tax (GST) and Direct Tax Code (DTC) is also important, he added.

"The RBI needs to work in tandem with the government in boosting growth by easing interest rates by at least 100 bps in the current fiscal. Steps like early implementation of GST would help in adding 1-1.5 per cent in the GDP," he said.

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