New Delhi:
Soumya Kanti Ghosh, Chief Economic Advisor of the country’s largest public sector bank SBI Group, has given a suggestion to the Reserve Bank of India (RBI) in the matter of increasing the interest rate. He has said that the RBI should “seriously think” whether it can continue “exactly” the steps of the US Central Bank Federal Reserve in the matter of interest rate hike.
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Soumya Kanti Ghosh, Chief Economic Advisor, SBI Group has said this in a program organized by Bharat Chamber of Commerce. During this, Soumya Kanti Ghosh said that he does not see the end of the increase in the repo rate by the Federal Reserve in the short term and in such a situation it is time for the RBI to think differently.
He said, “My point is, can we follow the Federal Reserve exactly? At some point we need to pause and think whether the effect of earlier rate hikes (by RBI) has trickled down in the system.. I don’t see the Federal Reserve cycle ending anytime soon. He can increase the rates three or more times.
The country’s inflation has increased to 6.52 percent in January 2023, which is more than the RBI’s tolerance range of six percent. Earlier, out of 12 months of 2022, inflation was more than six percent in 10 months.
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