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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