The Reserve Bank of India (RBI) has cut its key lending rate from 8 per cent to 7.75 per cent, in a move that is expected to enhance business confidence and bring momentum to economic growth. Welcoming the move, to cut the repo rate by 25 basis points, Virender Uppal, Chairman, AEPC (Apparel Export Promotion Council), said, “This was the need of the hour as the availability of credit is the fuel for the industry and is one of the prime and perhaps most critical factor for small and medium scale industry that drives investment and growth. The Industry was waiting for this concession for a long time. This move would surely steer the businesses and increase confidence on the Government’s commitment to improve the ease of doing business; encourage enterprises and persons to renew investment across all sectors and add on to the positive momentum for the industry.”
Also Read: AEPC expresses satisfaction at extension of Incentive Schemes
