Going forward, any increase in interest rates by banks will have a damaging effect on car sales. An increase in monthly EMIs significantly affects overall vehicle cost of ownership over the long term as more than 85 per cent of vehicle purchases are financed in India
General Motors India
Vice President P Balendran
Growth has been anemic and investments have been hit hard over the last two years and there are clear signs of contraction in employment opportunities across industries. We hope that following this policy move banks will not hike lending rates as it would scuttle any indications of a revival visible in select segments of the economy
Ficci President
Sidharth Birla
CII is surprised by the decision of the RBI to increase the repo rate, when all indicators suggest that a status quo was in order. While CII recognises the overwhelming concern of the monetary authorities to keep inflation under check, it is also expected that the RBI should take cognizance of the faltering investment and consumption demand which is preventing the economy from realising its growth potential
CII Director General,
Chandrajit Banerjee
We seem to have been caught in some kind of vicious cycle which is taking a huge toll on growth. The RBI itself has recognised the fact that the growth is losing momentum. But the answer, to our mind, does not lie in compressing the aggregate demand but boosting investment to increase supply
ASSOCHAM President
Rana Kapoor
Tight monetary policy stance adopted by RBI will undermine investments and consumption scenarios in the economy. The softening of monetary policy stance is one such step which is the need of the hour as it will lead to a phase of consolidation and stability in the sagging economy and pave way to resume growth
PHDCCI President
Sharad Jaipuria
]It’s a huge disappointment and a negative move. As it is, the industry is under tremendous pressure on various counts like inflation, rising cost of inputs, fuel price hikes, apart from the high interest regime. This will lead to further price rise and keeping customers at bay
CREDAI Chairman lalit Kumar
Jain