THE HON'BLE FINANCE MINISTER OF INDIA SPEAKING IN FAVOUR OF INTEREST RATE CUT IS IN THE INTEREST OF ECONOMY AND COMMON PEOPLE

THE HON'BLE FINANCE MINISTER OF INDIA SPEAKING IN FAVOUR OF INTEREST RATE CUT IS IN THE INTEREST OF ECONOMY AND COMMON PEOPLE


Dear Readers,

The Hon'ble Finance Minister of India, Ms. Nirmala Sitharaman has also now spoken up in favour of Interest Rate "Cut" that is in the interest of the Economy and Common People of India. Those who would like may read the following news report, that quotes the views of the Hon'ble Finance Minister of India:

Interest Rates Need to be "Far More Affordable": FM Nirmala Sitharaman

A few days back the Hon'ble Commerce and Industry Minister Mr. Piyush Goyal had also expressed in favour of Interest Rate "Cut" need and had expected that RBI should definitely cut the Repo Rate.

These are the views originating from the Government of India side, while also some of the external members of the MPC of RBI, have been expressing dissent in MPC Meets in recent times in favour of Cut in the Repo Rate of 6.5% which RBI is sitting tight with since February 2023 after climbing from 4% to 6.5 % in multiple tranches from May 2022 to February 2023, for 20 months now.

The Sticky Repo Rate of 6.5% is giving enough pain and burden to the Economy and Common People with increased EMIs of more than 25% which has been effected by the lenders (banks) after February 2023 climbing of RBI to the Repo Rate of 6.5%.

The RBI Governor and his team in MPC have been pushing and pushing the Status Quo in interest rate, on the Grounds of Inflation, literally taking shelter in the name of inflation, while Interest Rate is not the only tool and target to control inflation. Where as the Hon'ble Finance Minister has also said, as per the cited news report, that the Government of India is taking measures to address the supply chain issues of the Food Products, that can aid containing food inflation.

So much of Inflation Fear linking it to interest rate was never seen before from RBI as is being seen in the present times, and the sticking repo rate of 6.5% of RBI for 20-months so far, which is in fact, one of the Highest Repo Rate among all Central Banks considered Globally,  has become a cause of concern in the National Interest, as it has potential to block the growth of such a Large Emerging Economy like India.

I am certainly not happy the way the Repo Rate of 6.5% has been pushed to remain in Status Quo from RBI side. In fact, in stead of looking at the Interest Rate more professionally, the RBI is sticking to it making the cost of borrowing for common people as well as industry unbearable and killing the purchasing power in the hands of people, that slaughters the demand in the economy. There is still, enough British Rule Mentality persisting at RBI it looks like, as the RBI Governor and his Team at RBI are just not understanding what the People of India and Indian Economy need as far as the Interest Rate is concerned.

While the State of Affairs from RBI side is in such non-desirable direction as far as Interest Rate is concerned and is not moving pragmatically, there are news reports that the Term of the Present RBI Governor is likely to be extended after the ongoing state elections, giving a link of such speculative news reports also here below, it is not very encouraging if it may be reflecting the reality that is likely to come, as the Present RBI Governor has been very pushing on inflation fears and holding the highest level of Repo Rate, that is not going quite in the Interest of the Nation, the People and the Economy, causing undue pains for all with the sticking higher interest rate.

RBI governor Shaktikanta Das' term likely to be extended further


I only hope that this news about extending the term of the present Governor of RBI may be speculative. While the Interest Rate is not expected or desired to continue at the level it is continuing in the National Interest, for as long as 20months, there is demand for its "Cut", how could the RBI Governor who is sticking to it for so long would continue with an extension of term? Anyway, I believe, the reality may be waited to be seen, and should not be be seen with speculative news spectacles.

As a Professional I am expressing my opinion with clarity and without ambiguity.

With best regards,
Dr. Nimain Charan Biswal,
Mumbai, India 


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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