Jan '08
Following the rate cut by the US Federal Reserve and the growing disparity between the rates in the US and India, the Indian Industry had expected that the RBI would respond with a rate cut at this review, said the release.
However, the statement from the RBI has pointed out that the focus needs to be on control of inflation expectations, price stability and orderly conditions in the financial markets, and these would take priority under the current global situations, said CII.
The release said that CII recognizes this policy stand as being “neutral” and a deviation from the “hawkish” stand taken by RBI earlier.
There is an underlying focus on stability, which is conservative, and CII feels that in uncertain times, this is strategically a good stance, as long as the RBI explicitly makes it known that it can take any action pertaining to the key rates if the situation demands.
The release also said that CII has taken note of the terms “conventional” and “unconventional” measures that the RBI can respond with if need arises.
CII has also welcome RBI's move to persuade banks to undertake institutional and procedural changes for enhancing credit delivery to sectors that are employment-intensive.
The export intensive and employment intensive sectors such as garments, leather & leather products and handicrafts have been adversely affected due to appreciation of India Rupee since the last 5 quarters.
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