RBI may cut rates Monday

Jun 17, 2012 |

Age Correspondent With agency inputs

Union finance minister Pranab Mukherjee, in his first public address after being nominated as the UPA candidate for the presidential election, said on Saturday that the government was undertaking measures to address concerns expressed by global agencies like Standard & Poor’s and industry.

Addressing an Assocham conference in Mumbai, Mr Mukherjee said, “As the Union finance minister, I cannot ignore the ground realities. I do not dismiss their concern. I take serious note of their concern and try to find out what can be done.”
Mr Mukherjee indicated that the RBI might cut interest rates on Monday to arrest the slowdown. “I am confident that taking all the factors into consideration, the RBI will adjust the monetary policy as we are adjusting the fiscal policy.” The Central bank is expected to cut rates in its review of monetary policy on Monday in the face of economic growth slipping to a nine-year low of 6.5 per cent during 2011-12.

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