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Sunil Kanoria, Vice-Chairman of Srei Infrastructure Finance Ltd has welcomed the 50 basis point rate cut as a “decisive pro-growth” move.
According to him, this will “hopefully” be “beginning” of a “series of rate cuts” by the country’s apex bank. The rate cuts, however, need to be supplemented by administrative reforms by the Government to “restart the growth cycle”.
“With CPI and WPI numbers very much within comfort zone and industrial growth not picking up, RBI’s 50 bps cut in policy rate is a decisive pro-growth. There is still an air of uncertainty on both external and domestic fronts. The timing of a Fed rate hike and how global economy will react to it, still remain unknown. How the monsoons will influence India’s inflation levels, will be realized only with a lag. Hopefully, this is the beginning of a series of rate cuts by RBI,” he said.
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