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Chambers have hailed the 50 basis points cut in repo rate as a much needed step given the moderating GDP growth and declining IIP.
Mr Chandrajit Banerjee, Director-General, CII, said: “The repo rate cut will provide the boost to investment as well as send a strong signal that turning around growth is of pivotal importance.”
CII has appreciated RBI’s concern on future growth being constrained due to supply-side bottlenecks in infrastructure, energy, minerals and labour.
Mr D.S. Rawat, Secretary General, Assocham, said: “This has set the stage for cheaper lending costs and created an investment climate which could even possibly reverse inflationary pressures.”
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