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RBI policy reaction: ASSOCHAM

10 Aug 2023 , 01:41 PM

ASSOCHAM is confident that the RBI would ensure adequate liquidity in the banking system for a momentum to the India growth story.

''Anchoring of inflation may have led to measures like incremental Cash Reserve Ratio, but as the RBI Governor Mr Shaktikanta Das has given an assurance it is a temporary intervention that would be reviewed on September 8. Besides, there is an assurance of enough liquidity in the system that should give us comfort,'' ASSOCHAM Secretary General Mr Deepak Sood said. Retention of policy REPO rate to 6.5% is on the expected line.

He said, despite challenges emanating from the global economy, the RBI-MPC has several positive macro takeaways like a sustainable GDP growth of 6.5%, uptick in capacity utilization in the manufacturing sector and revival of private sector investment in key sectors of the economy.  Taking inflation to the RBI target of 4% would eventually lead to a solid and sustainable growth. Excluding food and fuel, core inflation is declining while the weather conditions should play out in a few months. ''We share such an assessment by the RBI'' .   

''The outcome of the policy review, notably, encompasses a wider spectrum including a boost to infrastructure funding, transparency in the EMI resetting for the borrowers and an innovative technology interface for the frictionless credit delivery through end-to-end digital platforms. All these initiatives along with additional features in the globally recognized UPI would take India further up on the scale of global technology leaders in the financial sector'', Mr Sood said.

Enabling UPI with Artificial Intelligence under the RBI supervision is a leap frog not only for the financial sector but also for wider usage of AI for the common good of the people. 

 ''As for the macro situation, the RBI's reading gives us a great comfort that the Indian economy has 'exuded strength and stability ' despite reverses in the global economy'', the ASSOCHAM Secretary General said. 

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