In its latest latest policy review, the RBI has kept all key rates unchanged except for SLR, which has been brought down to 23 per cent from 24 per cent, infusing additional liquidity of about Rs 62,000 crore. This is expected to help banks channel credit to productive sectors. With global demand receding and capacity utilisation being low, one has to be on guard on the effects of such a measure. With gloom all around, both at the global and local levels, and poor monsoon adding to the woes, there is a lack of direction from all concerned to bring the economy back on the rails. The new Finance Minister should take some bold steps to ensure forex inflows into a sagging economy.
- Srinivasan V Chennai (HBL)
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