Union Power Minister Piyush Goyal on Tuesday welcomed repo rate cuts announced by the Reserve Bank of India (RBI), saying that the central bank's decision will contribute towards nation's growth.
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"I am very happy that a framework has been set for aggressive growth in the future," Goyal told media.
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Finance Minister Arun Jaitley had earlier in the day said the central bank's decision will significantly provide policy support to the real economy and help in the recovery process.
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The RBI on Tuesday announced a cut in the Repo Rate by 50 bps to 6.75 percent, while the Cash Reserve Ratio ( CRR) remains unchanged at four percent.
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RBI Governor Raghuram Rajan had also asserted that the central bank aims to get the inflation rate down to five percent by the end of fiscal 2016-17.
