Welcoming the credit policy for 2005-06, Assocham today said RBI's assurance to provide appropriate liquidity and continuing with current levels of Bank Rate (6%) and cash reserve ratio (5%) would spur growth.Complimenting the governor of RBI, M K Sanghi, president of Assocham, said: "The credit policy lays emphasis on price stability, which is a welcome feature".He, however, said the policy should have included spread in the banks' lending rates, dollar window for exporters and SMEs, special treatment for rural financial needs like agro industries, housing, micro finance and infrastructure projects.Sunil Munjal, president of CII, expressed satisfaction over RBI's reconfirmation of the expected continued economic buoyancy with the GDP projected to increase by 7% in 2005-06 over 6.9% in 2004-05 and 8.5% in 2003-04."CII has welcomed RBI's continued pro-growth policy stance as reflected in leaving interest rates unchanged and measures announced for improving credit flow to medium farmers and small and medium enterprices," Munjal said.
