Industry body CII on Thursday expressed the hope that the central bank would shift towards an expansionary monetary policy by cutting interest rates to stimulate growth.
“The pro-reforms approach adopted in the speech has sent a strong signal that the RBI would take significant steps to re-invigorate growth in the economy.
“We are certain that under his (Rajan’s) leadership, the RBI would make a shift towards an accommodative monetary policy which in turn would spur investments and bring growth back,” said CII President Kris Gopalakrishnan.
Shortly after he took over as the 23rd Governor of the central bank yesterday, Rajan, 50, addressed the media, and in his speech he laid out a detailed road map for his innings in the short term.