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India's corporate sector said that the Reserve Bank of India's decision to cut repo rates and inject additional liquidity augurs well for everyone, but benefits would only be translated to reality if there is quick transmission down the chain.
"The success to masterstroke announcement by RBI will be in quick transmission of these liquidity tools down the line to uplift the appetite among the India INC to notch up the economic revival,"said Niranjan Hiranandani - President- Assocham and NAREDCO
Chandrajit Banerjee, Director General, CII said, "Given that the current lockdown is expected to have a negative impact on the cash flows of companies, the moratorium on repayments of term loans for a period of 3 months will help companies tide over this period. However, CII would urge that this period be extended further in case the impact of the virus outbreak lasts longer than expected."
Gautam Hari Singhania, CMD, Raymond Ltd said, “The moves announced by RBI today are decisive and a comprehensive package to ensure the stability of financial markets making borrowing costs as low as possible with businesses around the country are closed, and the economy is showing recessionary trends."
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