New Delhi,
\nThe industry on Wednesday said 25 basis points rate hike by the RBI will hurt India\u2019s growth prospects and exhorted the central bank to revert to the policy of benign interest rates.<\/p>\n
However, a section from India Inc said the decision of the RBI was a clear hint to the industry to push for growth by taking investment decisions, while some believe the central bank\u2019s hawkish monetary policy stance is here to stay for a while.<\/p>\n
The RBI for the first time in four-and-half-years raised key interest rate on Wednesday by 25 basis points to 6.25% on inflation concerns arising from surge in international oil prices.<\/p>\n
\u201cGiven that inflation is being led by supply side issues, CII believes that raising interest rate would hurt growth while proving unequal to the task of tackling inflation,\u201d CII Director General Chandrajit Banerjee said.<\/p>\n
He hoped that going forward, the RBI would reassess and revert to the policy of benign interest rates which would be growth supportive.<\/p>\n
\u201cGoing forward, the hardening of interest rate scenario is here to stay at least in the short term, however, much we may not like it,\u201d Assocham secretary general DS Rawat said.<\/p>\n
\u201cThe input cost pressures as highlighted by the RBI policy review would only increase for the exporters with the hiking of the repo rate by 25 basis points,\u201d engineering exporters\u2019 body EEPC India Chairman Ravi Sehgal said.<\/p>\n
\u201cThe rate hike gives a clear hint to India Inc to push for growth, take investment decisions as it can now foresee growth rate to pick up,\u201d said George Alexander Muthoot, MD, Muthoot Finance Limited.<\/p>\n
Realtors\u2019 body Naredco\u2019s national president Niranjan Hiranandani said the hike is justified on account of inflationary trends, global hardening of interest rates as also petroleum prices moving upwards.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi, The industry on Wednesday said 25 basis points rate hike by the RBI will hurt India\u2019s growth prospects and exhorted the central bank to revert to the policy of benign interest rates. However, a section from India Inc said the decision of the RBI was a clear hint to the industry to push […]<\/p>\n","protected":false},"author":1,"featured_media":33346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-33345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/33345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=33345"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/33345\/revisions"}],"predecessor-version":[{"id":33347,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/33345\/revisions\/33347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/33346"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=33345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=33345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=33345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}