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The Credit Policy announced by the RBI has belied the hopes of people. The upward revision of the CRR and Repo rates is sure to result in the banks raising lending rates further which will put borrowers in difficulties due to higher interest payments.

There is bound to be a significant slackening of industrial activities, which will again impact on the ordinary people and the middle-classes severely.

Instead of taking the conventional route the RBI should have taken some innovative steps to increase production and improve supply position of goods.

There has been an insignificant improvement in the inflation figure by similar steps taken on previous occasions.

T. R. Anandan e-mail

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