India Inc looks for rate cut, credit flow
India Inc on Wednesday said it looked forward to the new RBI Governor Raghuram Rajan initiating cut in...
India Inc on Wednesday said it looked forward to the new RBI Governor Raghuram Rajan initiating cut in interest rates and improving credit flow to crucial sectors like infrastructure to put economy back on high-growth path.
"We are sure that he would be able to tackle the current state of difficult times in the economy. We are sure, that as soon as the situation so allows, reversing interest rates downward along with taming inflation would be Dr Rajan's top priorities," Assocham President Rana Kapoor said.
"There is an immediate need to manage on several fronts. Reviving growth, giving an impetus to investments, arresting the downslide in the rupee value and keeping inflation under check are the areas that merit attention," Ficci Secretary General Didar Singh said. "He (Rajan) should immediately take steps to kick-start the economy and restore investor confidence. One is to reduce interest rates and also improve the flow of credit to infrastructure sector," President of PHD Chamber of Commerce and Industry Suman Jyoti Khaitan said.
"He (Rajan) is assuming office at one of the most difficult times in our recent economic history. CII is confident that as the new Governor, Dr Rajan would be able to deal with the complexities that the RBI is faced with," CII Director General Chandrajit Banerjee said.
Echoing similar sentiments, President of FIEO M Rafeeque Ahmed said: "We are really fortunate to have a leading economist like Raghuram Rajan as the RBI Governor".
19 July 2019 9:53 AM GMT