ICC DG Dr. Rajeev Singh on Repo Rate Cut: A Boost for Economic Growth

In regards to the statement issued by RBI on reducing in the repo rate, Dr. Rajeev Singh, Director General, Indian Chamber of Commerce (ICC) said, “The Reserve Bank of India (RBI) has reduced its key repo rate for the first time in nearly five years by 25 bps from 6.5% to 6.25%. When this rate cut is coupled with the Income Tax Cuts in the Union Budget we feel that the Indian Economy would get both Fiscal and Monetary Boost to move on to a higher growth path. This is an ideal measure with inflation nearing the desired level of 4%.”