Though RBI’s step is considered to address the inflationary pressure, 40 bps hike in the repo rate and 50 bps hike in Cash Reserve Ratio (CRR) will hurt the consumer and business sentiments. The economy is still recovering from the pandemic impact of Coronavirus, yet there are worries from geo-political developments, such as likely contagious impact on trade and finance, said Mr Pradeep Multani, President, PHD Chamber of Commerce and Industry.
Industry Body has urged RBI to remain accommodative and repo rate should come down to the level of 4%. Any increase in the interest rate will further impact the costs of doing business, which is already high viz-z-viz high raw material cost.
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