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Business EconomyPosted at: Dec 1 2015 7:10PM


Time to keep close watch on Pay Commission impact on inflation; RBI raises right concerns: Kanoria

Kolkata, Dec 1 (UNI) While maintaining that status quo on benchmark policy interest rates was on expected lines, RBI Governor Dr Raghuram Rajan’s assertion that the central bank remains “in accommodative stance” is quite reassuring for the industry, ASSOCHAM president Sunil Kanoria today said.
He said the Credit Policy review has rightly raised a concern about the possible impact of the 7th Pay Commission on quality government expenditure.
“The industry is fully in agreement with Governor Rajan who has stressed the government to maintain the quality of the Budget while trying to keep the Fiscal Deficit intact, faced with the pressure of the Pay Commission resulting in additional cost of over Rs. 1 lakh crore,” Mr Kanoria said in statement here.
The ASSOCHAM president stated the banks have not fully transmitted the earlier cuts in the policy rates and the RBI move to shift to the marginal cost for determining the bank base rate should be pursued to its logical conclusion.
“As pointed out in the policy document, vigilance of the top order is required to ensure that the retail inflation particularly of the items of common consumption does not increase again.
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