Industrialist Anand Mahindra praised the Reserve Bank of India (RBI) for today's policy rate cut. "Excellent. I had just tweeted about the need to roll up our sleeves & get the GDP growth engine moving faster. Clearly, the RBI is leading from the front..." Mr Mahindra tweeted on Wednesday, after the RBI's Monetary Policy Committee (MPC) delivered its fourth rate cut of the current year. The central bank reduced the repo rate - the key interest rate at which it lends short-term funds to commercial banks - by 35 basis points to 5.40 per cent - the lowest level recorded in over nine years.
Excellent. I had just tweeted about the need to roll up our sleeves & get the GDP growth engine moving faster. Clearly, the RBI is leading from the front.. ???????????? @DasShaktikanta https://t.co/uWQuzkhdDA
— anand mahindra (@anandmahindra) August 7, 2019
Earlier in the day, the Mahindra Group chairman raised concerns on the economy slipping to the 7th spot in 2018. " Let's roll up our sleeves and push ourselves ahead again," he had said.
However temporary this reversal might be, I hate reading news like this. Let's roll up our sleeves and push ourselves ahead again. We belong in the number three position & should be pushing to get there faster than projected... https://t.co/AdbBL61cNv
— anand mahindra (@anandmahindra) August 7, 2019
The six-member Monetary Policy Committee (MPC) also maintained its "accommodative" stance, meaning that any rate hikes are off the table for now.
In each of the last three bi-monthly reviews, the MPC had decided to reduce the repo rate by 25 basis points.
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