India Inc disappointed over poor IIP shows, wants rate cut

November 12, 2012 17:24

Expressing disappointment over poor show by industrial production in September, India Inc today pressed for rate cut by the RBI to boost production and further revive the economic growth.

Industry chamber CII said the Reserve Bank should intervene and cut interest rates. The RBI needs to reduce repo rate (short-term lending rate) by 0.5 per cent and Cash Reserve Ratio (the portion of deposits banks are required to keep with RBI) by 0.5 per cent.

"While fully appreciating the imperative of anchoring inflation, it is our view that RBI now needs to intervene and reduce interest rates, since a complete sacrifice of growth is not in the interest of the economy," CII Director General Chandrajit Banerjee said.

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