New Delhi: The Finance Ministry’s top functionaries hailed RBI’s decision to cut policy rate by 0.25 percent, and said it will bring down EMIs, increase demand and boost economic growth.
Minister of State for Finance Jayant Sinha said soon after the rate cut action by RBI, said, “What is going to happen to rate cycle moving forward is going to be driven by data and RBI has signalled this clearly.” He said there is a further room for easing policy rate.
He said, “We have said in Parliament that we are pursuing a very prudent fiscal consolidation road map. Our aim is to move growth onto a sustainable, non-inflationary path… We are in a situation where we see EMIs (Equated Monthly Installments for loan repayments) coming down. RBI has appreciated budget’s ‘fine balance’. It is a welcome step for all citizens of India as everyone is looking for near-term boost in economy.”
