PHD Chamber welcomes cut in SLR

PHD Chamber welcomes cut in SLR

PHD Chamber welcomes cut in SLR

 

No.PR-189
February 3, 2015
New Delhi
 

PHD Chamber welcomes cut in SLR
 

Though, repo rate cut was expected from RBI in today’s Bi-Monthly Monetary Policy Statement 2014-15, 50 basis points cut in SLR is welcome and is expected to enhance banking sector liquidity in the coming times, said, Mr. Alok B. Shriram, President , PHD Chamber of Commerce and Industry.
 

Recent developments at the macro-economic front are inspiring vis-à-vis various policy initiatives undertaken by the new Government. However, industrial growth must be focused as industry is impacted by multiple factors and high borrowing cost is one of them, he added.
 

We appreciate and congratulate the Government and RBI on various calibrated steps to stabilize the price situation in the economy, which is expected to improve the livelihood of common man, said Mr. Shriram.
 

However, going ahead, there is a need to rejuvenate the demand scenario in the economy to boost up manufacturing growth and to create more and more employment opportunities. So at this juncture, lower interest rates and lower cost of borrowings for the industry would be inevitable, believes Mr. Shriram. 
 

Going ahead, we expect a repo rate cut by atleast 50 basis points on or before first bi-monthly monetary policy statement for 2015-16 due on April 7, 2015, said Mr. Alok Shriram.
 

ENDS

Koteshwar Prasad Dobhal
Consultant (PR)