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Our Bureau

New Delhi, April 24

With no upward increase in key rates in the Annual Monetary and Credit Policy announced on Tuesday, the Reserve Bank of India has sent an indication that it would first see the effects of the earlier rate hikes, according to the Confederation of Indian Industry (CII). It is also the RBI's acknowledgement that growth cannot be traded off in the combat against inflation, according to the chamber.

Industry chamber FICCI welcomed the credit policy for keeping the overall macroeconomic parameters, namely interest rate and liquidity environment untouched, taking steps to encourage smaller housing loans and making overseas investment easier for corporates. Assocham described the policy as "balanced" and said the RBI has projected a realistic GDP growth of 8.5 per cent for 2007-08. The PHD Chamber of Commerce and Industry said that while the decision not to change the bank rate, reverse repo rate and the repo rate is welcome, the RBI should not contain inflation at the cost of growth beyond a point.

More Stories on : Credit Policy | Industry Associations

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