Withdrawal of accommodative stance disappointing: PHDCCI
Hard lending from an accommodative policy stance is disappointing as it will have an impact on costs of doing business and production possibilities.
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Though RBI’s decision to raise the repo rate by 50 bps to 4.9% is in synchrony with its efforts to tackle persistently heightened inflation, however it will impact India’s economic growth due to dampened demand scenario and discouraged consumer and business sentiments.
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Any increase in the interest rate increases the costs of doing business, which are already high vis-a-vis high raw material costs amid geo-political distress, said Sh Pradeep Multani, President, PHD Chamber.
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