Industry drafts 100-day action plan for government
Industry bodies CII and FICCI have asked for cut in interest rates to spur the sagging economy while presenting 100-day action plans to government.
By PTI |
NEW DELHI: Industry bodies CII and FICCI have asked for cut in interest rates to spur the sagging economy while presenting 100-day action plans to the government on Friday.
"With inflation down there is no reason to keep the key policy rates high," CII President Venu Srinivasan said, adding that interest rates in India remain high compared to many other economies. He said the key policy rates should be cut by at least 50 basis points.
Also pitching for lower interest rate regime, FICCI President Harsh Pati Singhania said, "Interest rates should come down to single digit levels even for MSMEs."
Faced with high borrowing rates and demand slowdown, industry chambers have presented separate 100-day action plans to the government asking for steps to restore the economy back on high growth trajectory.
CII's key recommendations include monetisation of fiscal deficit and reducing interest rates to counter large government borrowings which are negating efforts of RBI.
"It is imperative that the government takes concrete steps in strengthening policies that will promote employment and growth across key sectors along with driving investment in infrastructure and manufacturing," Srinivasan said.
"With inflation down there is no reason to keep the key policy rates high," CII President Venu Srinivasan said, adding that interest rates in India remain high compared to many other economies. He said the key policy rates should be cut by at least 50 basis points.
Also pitching for lower interest rate regime, FICCI President Harsh Pati Singhania said, "Interest rates should come down to single digit levels even for MSMEs."
Faced with high borrowing rates and demand slowdown, industry chambers have presented separate 100-day action plans to the government asking for steps to restore the economy back on high growth trajectory.
CII's key recommendations include monetisation of fiscal deficit and reducing interest rates to counter large government borrowings which are negating efforts of RBI.
"It is imperative that the government takes concrete steps in strengthening policies that will promote employment and growth across key sectors along with driving investment in infrastructure and manufacturing," Srinivasan said.
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