Online edition of India's National Newspaper
Wednesday, Oct 31, 2007
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Online edition of India's National Newspaper Wednesday, Oct 31, 2007 ePaper |
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NEW DELHI: The mid-term review of the annual monetary policy announced by the Reserve Bank of India (RBI) on Tuesday evoked mixed reaction from India Inc. While one view was that it was largely on expected lines, majority of the apex chambers felt that the hike in CRR would suck out a huge amount from the market. Noting that the announcements made were more or less on expected lines, the Confederation of Indian Industry (CII) feels that in view of the international trends in interest rates and particularly the indications coming in from the U.S., the RBI could have considered Repo Rate cut to go along with the CRR hike. In its reaction, the Associated Chambers of Commerce and Industry (Assocham) said that Bank Rate should have been reduced as per requirements of the industry to arrest the implications of a slowdown in global economy. The policy seemed to have given more weightage to inflation.
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