Millennium Post

Look forward to RBI support for growth revival: FinMin

With the Reserve Bank keeping interest rates unchanged, the union government on Tuesday said it is looking forward to the central bank to support revival of growth and employment.

In a statement, the Finance Ministry said it was encouraging that RBI has taken note of the structural change in the outlook for inflation. "The government looks forward to the RBI supporting the revival of growth and employment," the statement said.

Referring to the proposed new monetary policy framework, it said in the weeks ahead, government and RBI will work towards it. The framework would "help institutionalise the gains achieved on the inflation front, so as to reduce inflationary expectations and further support the revival of investment and growth", the ministry added.

The new monetary policy framework involves setting of a formal inflation target and accountability to deliver on the same.

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