"The Interim Union Budget presented earlier this month contained a series of measures that would aid growth. The need of the hour is for monetary policy to complement the fiscal policy and strengthen the growth impulses that are slowly building in the economy. This is important as we do not foresee much impetus coming from external sources of growth as the global economy continues to show signs of moderation. In such a scenario, all levers must be used to strengthen India's domestic economy through greater consumption demand and investments. FICCI hopes that the indication given by RBI today will soon be translated into lower lending rates by banks for both retail and corporate loans," added Mr Somany.
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