Reacting on the monetary policy, Confederation of All India Traders (CAIT) has said that the Monetary Policy announcement made by RBI today is nothing but a stero type language which is not going to transform into any kind of favourable growth in Indian economy.
CAIT National President B. C. Bhartia and Secretary General Praveen Khandelwal in a joint statement said that it was expected that RBI would take some bold steps to stimulate the growth in economy. But as usual RBI preferred to pass on the buck to govt court.
They further said that what ever reasons that are being quoted for non-reduction in CRR, Repo rate are out dated. In fact greater amount of liquidity is required. This is so because of inflation requirement of working capital has gone up. Many major expantion of projects and infrastructure projects are being delayed because of financial crunch. Reduction in SLR by 1% may not be sufficient looking to immidiately requirement of economy.
The CAIT has strongly recommended that RBI should revisit its policy of holding reduction in interest rates and also becoming a hurdle in liquidity in Indian economy. If the issue is not taken seriously it appears that Indian economy may face the fate of other economies of the world.
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