Time opportune for RBI to slash interest rates

Industry body CII said the time is opportune for the Reserve Bank to cut interest rates as inflation is likely to remain at moderate levels. 

"The RBI and the Monetary Policy Committee are being cautious in not recognising the significant decline in inflation. Global commodity prices have moderated and food prices are down," CII Director General Chandrajit Banerjee told PTI. 

On the performance of the Narendra Modi led NDA government, which completed three years in office, Banerjee said there is now optimism that economic growth will accelerate, macro-stability will continue and inefficiencies in the economy will be brought down. 

"The many steps taken to attract foreign investment have borne fruit. In industry, we are confident that the investment cycle will pick up soon," the CII director general said in an e-mail response. 

He said the businesses and government need to work together to build a strategy for a stronger economic base. 

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