India Inc leaders serve as USA’s followers, rap apex bank policy
1 Aug 2013 4:57 AM IST
Expressing disappointment over the RBI's move for not cutting the key policy rates, India Inc on Tuesday asked the government to take immediate actions to revive growth and boost investments.
'We are disappointed. The RBI has also cut down the GDP forecast for FY'14 to 5.5 per cent, which is clearly reflecting the reality,' CII director general Chandrajeet Banerjee said.
He said economic growth needs to pick up and for that 'moderate of interest rates are very important'.
Sharing similar views former Ficci President R V Kanoria said that the investment environment of the country should be improved.
'We have to reignite the passion of economic growth by building confidence in the economy. Enhancing investments are the need of the hour,' Kanoria said.
Similarly, Rajiv Kumar, a senior economist, said that the GDP forecast would come down further.'The RBI is sacrificing the growth to maintain stability in the domestic currency,' Kumar added.
Meanwhile, the Reserve Bank has lowered the growth projection for the current fiscal to 5.5 per cent from its earlier estimate of 5.7 per cent and asked the government to undertake policy measures to improve investment climate. The RBI in its annual policy in May had projected the economy would grow at 5.7 per cent. The government in February estimated 6.5 per cent growth for 2013-14.
'We are disappointed. The RBI has also cut down the GDP forecast for FY'14 to 5.5 per cent, which is clearly reflecting the reality,' CII director general Chandrajeet Banerjee said.
He said economic growth needs to pick up and for that 'moderate of interest rates are very important'.
Sharing similar views former Ficci President R V Kanoria said that the investment environment of the country should be improved.
'We have to reignite the passion of economic growth by building confidence in the economy. Enhancing investments are the need of the hour,' Kanoria said.
Similarly, Rajiv Kumar, a senior economist, said that the GDP forecast would come down further.'The RBI is sacrificing the growth to maintain stability in the domestic currency,' Kumar added.
Meanwhile, the Reserve Bank has lowered the growth projection for the current fiscal to 5.5 per cent from its earlier estimate of 5.7 per cent and asked the government to undertake policy measures to improve investment climate. The RBI in its annual policy in May had projected the economy would grow at 5.7 per cent. The government in February estimated 6.5 per cent growth for 2013-14.
Next Story
