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Apex industry chambers have hailed the RBI's policy rate cut move , stating that it is a morale booster for economic growth.
Reacting to the RBI's move, Assocham President Rana Kapoor said the move would boost the morale of consumers and also reduce the interest costs of industry.
Coming on the back of reform measures initiated in the budget, today's rate cut by RBI is a great booster for economic growth, which seems to be area of focus for the central bank, he said.
FICCI President Jyotsna Suri welcomed the RBI's move and expressed confidence that it would complement the growth enhancing measures outlined by the Finance Minister, Arun Jaitley, in this year's budget.
She expressed hope that banks would now lower lending rates.
CII Director General Chandrajit Banerjee said the unexpected cut in headline interest rates by the RBI sends a huge positive signal that the central bank and the Government are working in tandem to provide robust scaffolding to growth.
This is being done without losing sight of inflation, which has been made explicit in the objectives of RBI, he said.
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