RBI’s Monetary Policy is a Hollow Announcement – CAIT
The Monetary Policy announcement made by RBI today is nothing
but a stero type language which is not going to transform into any kind
of favourable growth in Indian economy – said the Confederation of All
India Traders (CAIT) today at New Delhi while reacting on the monetary
policy.
CAIT National President Shri B. C. Bhartia and Secretary General
Shri Praveen Khandelwal in a joint statement said that it was expected
that RBI would take some bold steps to stimulate the growth in economy.
But as usual RBI preferred to pass on the buck to govt court.
They further said that what ever reasons that are being quoted for
non reduction in CRR, Repo rate are out dated. In fact greater amount of
liquidity is required. This is so because of inflation requirement of
working capital has gone up. Many major expantion of projects and
infrastructure projects are being delayed because of financial crunch.
Reduction in SLR by 1% may not be sufficient looking to immidiately
requirement of economy.
The CAIT has strongly recommended that RBI should revisit its
policy of holding reduction in interest rates and also becoming a hurdle
in liquidity in Indian economy. If the issue is not taken seriously it
appears that Indian economy may face the fate of other economies of the
world.
For more information please contact CAIT, Secretary General, Mr. Praveen Khandelwal@9891015165
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