Industry, experts hail RBI's monetary policy announcements
Hailing the Reserve Bank of India (RBI)’s decision to hold interest rates, India Inc and experts said that the decision augurs well for the economy and underlines the central bank’s focus on reviving growth in the aftermath of Covid-19 pandemic. They believe that pronouncement on continuing the accommodative stance for as long as needed and observation of an improving recovery path will give comfort to markets. Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said that the industry is also buoyed by RBI’s willingness to use all instruments at its disposal to ensure availability of adequate liquidity in the financial markets. This is a necessary pre-requisite for fostering the growth recovery, he added. Federation of Indian Chambers of Commerce & Industry (FICCI) President Sangita Reddy stressed that policy support, both from the RBI and the government, will be required to push growth. Favouring a hawkish stance by the RBI, ASSOCHAM National President, Niranjan Hiranandani said that a pro-active stance of the government to tackle the supply side issues would be instrumental in reducing the food prices further.
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