India Inc asks RBI to cut interest rate

13/10/2012 10:46 AST

Expressing disappointment over slow growth of the industrial production, India Inc today asked the Reserve Bank to cut interest rate at which the central bank lends to banks to help boost investments.

"The IIP figures are disappointing. What is of serious concern is the sharp drop in electricity production even as the manufacturing sector continues to stagnate due to faltering investments," CII Director General Chandrajit Banerjee said in a statement.

He said that while the recently announced reform measures have revived business confidence to some extent, "what is required now is a commensurate action from the RBI with a cut in repo rate. This has become a necessity now to kick start the investment cycle".

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