FICCI, CII Asks For Rate Cut

New Delhi: Taking a cue from the US Federal Reserve which cut the interest rates by 75 basis points, the Fedearation of Indian Chamber of Commerce and Industry and the Confederation of Indian Industry have asked the Reserve Bank of India to signal interest rates cuts by 25-50 basis points. With inflation under control and balanced around three per cent, it is the right time for the RBI to cut repo and reverse repo rates that are currently at 7.75 per cent and six per cent respectively by 25-50 basis points to cover the relative competitive disadvantage India has on the macro economic fundamentals.