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New Delhi, April 18

The PHDCCI too has said that the RBI should have reduced the CRR by 50 basis points to improve liquidity in the system. The chamber felt that the RBI has announced an overcautious policy and "erred towards controlling the inflation". A more realistic and aggressive policy would have given the desired push to the economic growth to achieve the targeted GDP of 7.5-8 per cent during 2006-07, the chamber felt.

Echoing the views of the other chambers, Mr B. Prabhakar, President Indo-American Chamber of Commerce, said that given the rising oil prices, RBI should regularly monitor the macro economic variables to ward off any distortion in the economy.

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