Agencies
Posted: Monday, Jul 09, 2012 at 2125 hrs IST
New Delhi: Leaders of Indian industry in their meeting with PMEAC Chairman C Rangarajan today pressed for an economic revival package, expeditious reforms and cut in interest rates to arrest slowdown. Representatives of the three apex chambers CII, Assocham and PHDCCI also raised the issues of high interest rates, liberalisation of FDI regime and implementation of the Goods and Service Tax (GST) regime.
"...there is an urgent need to create conditions for revival of private investment by...further reduction in repo (short-term lending) rate by 100 basis points, and reduction of Cash Reserve Ratio (CRR) by 100 basis points", CII President Adi Godrej told reporters after the meeting .
The Reserve Bank, which opted for status quo in its last policy last month, is scheduled to review the monetary policy on July 31.
Rangarajan, himself a former RBI governor, and key aide of Prime Minister Manmohan Singh met the industry chambers to help the Government firm up
... contd.
Source: http://financialexpress.com/news/india-inc-meets-ranga-demands-rate-cut/972196/
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