In Washington, Ficci chief slams RBI, calls it 'anti-growth'

October 14, 2017 08:10

FICCI President Pankaj Patel on Friday slammed the Reserve Bank of India over its reluctance to cut interest rate, saying its policies were "not industry-friendly" and posed a hurdle in the country's economic growth.

In its latest monetary policy review on October 4, the RBI had kept the policy rate unchanged at 6 per cent even as it cut the growth forecast to 6.7 per cent for the current fiscal.

Patel said such a move was "anti-growth". "RBI is not behaving properly. It (RBI policy) is anti-growth," Patel told a group of Indian reporters in Washington, DC.

Indian industry, Patel said, wishes that there be a drop in interest rates, on which, he said, the RBI has adopted a rigid approach.

"We want a drop in interest rate. This (interest rate) is a huge problem now for us. Real interest rate in India today is touching six percent," he said, arguing that there should be balance between growth, inflation, and interest rates.

"Inflation is necessary irrespective of growth. There has been no growth without inflation," a visibly upset Patel said, adding that his views were known to the RBI and the government.

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