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National
Montek welcomes hike in CRR
By Our Special Correspondent
NEW DELHI,
SEPT. 13.
The Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia, today welcomed the Reserve Bank's decision to hike the cash reserve ratio (CRR) by 0.5 per cent in two tranches.
Dr. Ahluwalia told mediapersons on the sidelines of a telecom roundtable that this was a right step to suck out the excess liquidity which the Government feels is one of the reasons for the increase in the inflation rate to 8.33 per cent.
"The Finance Minister, P. Chidambaram, has already clarified that inflation is an issue that the Government is always concerned... It is a right step. I am glad the step was taken and I think it will help," he said.
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