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The Finance Minister, Arun Jaitley, has said that reduction in repo rate by the Reserve Bank of India is very positive for the economy.
RBI on Thurday cut the repo rate by 25 basis points. Repo rate is the rate at which banks borrow from the central bank. Reduction will make funds cheaper and in turn borrowers will have to pay lesser interest rate.
"Reduction in the rates is a positive development. It will lead to more money in the hand of the consumers and result in greater spending. It's positive for the Indian economy," he told reporters here on Thursday.
Further, he added that it will certainly help in reviving investment cycle that the government seeks to restore.
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