A CUT IN INTEREST RATE (REPO RATE) OF RBI IS JUSTIFIED IN THE INTEREST OF THE COMMON PEOPLE OF INDIA
Dear Readers,
I am happy to hear and read that at least an Hon'ble Senior Union Minister such as Mr. Piyush Goyal, the incumbent Union Minister of Commerce and Industry has vouched for the Rate Cut in Repo Rate of RBI.
I am giving the News Link that reports the views expressed by Hon'ble Union MInsister of Commerce and Industry, Mr. Piyush Goyal, in case any or some of you would like to read, you will find it here:
RBI SHOULD DEFINITELY CUT INTEREST RATES, SAYS PIYUSH GOYAL
https://www.cnbctv18.com/business/top-stories-cnbc-tv18-global-leadership-summit-piyush-goyal-rbi-rate-cut-jio-financial-zomato-nifty-19509470.htm
Another News Link also:
https://www.news18.com/business/economy/indias-average-inflation-lowest-under-modi-govt-since-1947-rbi-should-cut-rates-piyush-goyal-9120034.html
I am sure Mr. Piyush Goyal is transmitting in some way, the views of the Government of India for Interest Rate Cut that should be activated by RBI.
An interest rate (Repo Rate) cut by RBI will be in the interest of the Common People of India, who are suffering due to Increased EMI of more than 25% as RBI is sitting with the Repo Rate of 6.5% since February 2023, it is almost 20 months.
Even if some Former External MPC Members of RBI such as Prof (Ms.) Asima Goyal (Former Prof. IGIDR) and Prof. Jayanth Verma ( Prof. IIM-Ahmedabad) had voiced dissent repeatedly in the MPC Meets of recent past and even the Incumbent MPC Member Mr. Nagesh Kumar had voiced dissent in favour of a Cut in Repo Rate RBI ( the External MPC Members being even nominated by Govt of India), the RBI Governor and his internal Colleagues in MPC have repeatedly taken a negative stand to hold the Repo Rate untouched, that has not gone down well for the interest of Common People of India who also depend on Livelihood Borrowings and such a high Rate of EMI Increase (more than 25%) is detrimental for that Cause and for the Cause of Growth of the Indian Economy.
I believe the views of Mr. Piyush Goyal, the Hon'ble Union Minister of Commerce and Industry now gone into the air, should ring the warning bell for the RBI Governor in favour of a cut in Repo Rate of RBI. Further the Govt. of India having decided not to extend the tenure of the Dy. Governor of RBI in Charge of Monetary Policy-Mr. Michael Patra, and a New Dy. Governor to assume Office in January 2025 replacing him, might cut more ice in favour of a Cut in Repo Rate of RBI.
Let us Hope for the Best now in the interest of the Common People of India for their Livelihood Borrowings and in the National Interest of Growth of Indian Economy.
Best regards,
Dr. Nimain Charan Biswal,
Mumbai, India
P.S. : An update that has come later after the above citied news reports:
The Hindu News Report later, the link given below says that Hon'ble Commerce and Industry Minister Mr. Piyush Goyal has clarified that the views expressed by him are Personal and not that of the Government. Remains clarified for the readers.
https://www.thehindu.com/news/national/rbi-should-cut-interest-rates-look-through-food-prices-piyush-goyal/article68867694.ece
About the Author: Dr.
Nimain Charan Biswal is a B.Sc.(Agri. Science and Technology), M.B.A. and
Ph.D.(Management Area ) by qualifications; and he has 38+ years of work
experience in both industrial and development sectors in diversified fields of
social importance. He has been educated at Orissa University of Agriculture and
Technology (OUAT)-Bhubaneswar, Institute of Rural Management Anand (IRMA) and
Gujarat University (with Resource Support of IIM-Ahmedabad). He is further
educated at IIM-Calcutta, XLRI-Jamshedpur, Apple Computer Industries and Spar
Inc., USA. He has worked for reputed National and International Organizations
in Senior/Top Management Capacities at Board level as well as Managing Director
and CEO. He is a management expert covering extensive areas from management in
industrial sectors, management in agriculture and dairy, development management
to management of public systems. He is a prominent professional of India and
known Internationally as well. He is also a Political Strategist. He lives at
Mumbai in India.
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