The PHD Chamber of Commerce and Industry (PHDCCI) has expressed disappointment as the RBI, in its third quarter review, has not announced further reduction in key policy rates and has left the cash reserve ratio (CRR), repo rate and reverse repo rate unchanged.
Satish Bagrodia, president, PHDCCI, said, ?Policy makers around the world are slashing borrowing costs and spending more amid the global economy?s worst crisis. Monetary policy is the main tool available to authorities in India to support growth, as the very high public debt as a proportion of GDP is limiting substantial stepping up of spending like in China.?
?The MSME (micro, small and medium enterprises) sector is experiencing difficulty in availing of credit at a reasonable cost from the banking sector which is getting reflected in the slowdown of the industrial as well as the services sector.?he added.