THE RBI BRIGADE NEEDS TO MARCH BACK BY BITING THE BITTER PILL OF INTEREST RATE CUT: IN THE NATIONAL INTEREST

THE RBI BRIGADE NEEDS TO MARCH BACK BY BITING THE BITTER PILL OF INTEREST RATE CUT: IN THE NATIONAL INTEREST


Dear Readers,

If you read the following two news articles, the links of which I am giving below, you can also find more such articles by our choice in the public media domain, the Govt of India's stand is very clear that the Interest Rate of RBI (the sticky Repo Rate of 6.5%) should be cut without wait, in the National Interest, for Growth of Economy and Easing the Burden of Common People with borrowings that have increased EMIs more than 25% after the Repo Rate of 6.5% was climbed by RBI continuously from May 2022 to February 2023 (from 4% to 6.5%).

Centre, RBI speak in different voices over inflation, rate cuts


In the above article of The Hindu, the Chief Economic Advisor (CEA) of Government of India Mr. V Anantha Nageswaran is also saying in favour Interest Rate Cut, while before him the Hon'ble Commerce and Industry Minister Mr. Piyush Goyal and Hon'ble Finance Minister Ms. Nirmala Sitharaman have spoken up on favour of the Interest Rate Cut.
With an Unbiased Approach and with "Nation First Matto" while I have been saying for a long time with first hand experience/observation of the EMI Burden having been increased more than 25% after RBI Climbed and imposed 6.5% Repo Rate even on the livelihood borrowings such as Home Loan, Educational Loan and Motor Cycle Loans and Consumption Loans, as a Professional, I will prefer to support Government of India taking the firm stand to cut the Interest Rat in the interest of the Nation and  I will not support RBI in its dogmatic stand taking unduly shelter under inflation fear.

You may kindly read, in the above news article, what the Chief Economic Advisor (CEA) of Government of India is saying is correct, "Tomato", "Onion" and "Potato" are driving the Food Inflation in India which is a 40% Component in the Inflation Frame-work of RBI. The Food Inflation of these few dominating food products (vegetable) can not be taken shelter by RBI to run a Highest Interest Rate regime in a very large Nation such as India, which is affecting the livelihood of more than 80-Crore Common People to sustain their livelihood out of borrowing support, over and above, the Industry and Commerce need an affordable interest to run the Economy in a well-greased condition. 

Managing Inflation is principally the job of the Government of India coordinated with State Governments who Run the Nation, by creating and managing appropriate demand and supply conditions for the Economy to move in right direction and growth. In between, RBI has got into this area of inflation management in the Indian Economy, by imposing Highest Level of Interest Rate and holding unduly into this Encroached Area, as Highest Level of Interest Rate is not the only tool to control the Inflation, and the Inflation Frame-work RBI is sticking to by creating it and pushing it aggressively is not desirable and expected in the National Interest.

In fact, the RBI Brigade should shed some of its "Autonomy Ego" as they have been doing like the former British Elephants when they(the Britishers) ruled India in the past, in the National Interest, and they should march back with the interest rate cut in the interest of the Nation and its People as well as Economy.

If you read the following News Article I am giving link below you will find, the RBI Brigade is pushing the Inflation Fear in the Nation, while it is not justified to do so in the present context and it is taking a Negative Stand juxtaposed against the Government Stand in favour of Interest Rate Cut ( that is in the interest of the Nation)

Unchecked inflation can hurt real economy prospects, says RBI report


I prefer not to listen the undue cribbing of RBI Brigade in the name of Inflation to hold the Highest Level of Interest Rate in India as said in the above RBI Report, it is just not done. The Government of India will be free to act and take the right recourse if the RBI Brigade keeps sticking to their Dogmatic and Inflation Shelter as far as the Interest Rate ( Repo Rate) is concerned, to correct it in the interest of the Nation, that is the Top Priority.

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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