The recent revision of repo rate by the Reserve Bank of India would severely impact the already slipping industrial growth momentum and country's overall development, besides causing further escalation in prices of manufactured goods, the Tamil Nadu Chamber of Commerce and Industry has said. In a statement, chamber president N. Jegatheesan wondered whether the RBI move would have any impact in moderating inflation or bringing down prices of commodities. On the other hand, the enhancement of repo rates by 50 basis points and the resultant increase in bank interest rates would compound the woes of the industrial sector which saw a deceleration in output in April-May, he said.
HBL
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