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Tweaking policy rates downwards would have helped lift business sentiments, industry chambers said on Tuesday.
Chandrajit Banerjee, Director-General, CII, said: “At a time when growth impulses remain weak and WPI inflation has been on a declining trajectory for the last nine months, the RBI should have announced a cut in policy rates which would stimulate demand and kick-start the investment cycle.”
Assocham President Rana Kapoor said that as “subdued industrial activity continues to be a drag on the economy…. a boost to industrial demand by lower borrowing costs deserved consideration.”
Sidharth Birla, President, FICCI, said, “Relying primarily on monetary policy for inflation management may not be a comprehensive approach. There are administrative fixes and fiscal measures that need to be adopted.”
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