Stability of interest rates will help development, says FICCI
19 Apr '06
1 min read
Federation of Indian Chambers of Commerce and Industry (FICCI) is in favor of Reserve Bank of India's (RBI) decision to maintain stability in interest rates.
Saroj K Poddar, President, FICCI, explained that this move would secure steady development, especially in manufacturing.
Nevertheless, RBI seems anxious and is aiming to slow down the non-food credit growth to 20 percent by increasing risk weightage of real estate and personal loans, and cutback publicity of banks to capital markets.
Poddar also said RBI's confidence in our economy was evident from its forecast of 8 percent GDP growth for 2006-2007.
President believes that despite all the doubts raised regarding Money Supply expansion, new Credit Policy measures announced shows RBI's vigilance to deal with any issues that may arise.
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