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.
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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