IMC Chamber of Commerce and Industry welcomes the cautious approach of RBI in maintaining the existing interest rates in the present global circumstances. While welcoming the RBI, the chamber also feels that the benefit of earlier repo rate cuts must be passed on to the industry by the banks.
IMC for long has been advocating interest rate cuts to benefit the MSME sector. IMC feels that to make MSMEs competitive, the interest rate should not be more than 7%. This would boost growth and employment in our economy.
Further the Chamber welcomes the proposals listed out for MSMEs in the recent Union budget, and expects that the RBI in its next policy announcement would look at reducing interest rates and the rates already reduced, are transmitted by the banks, to the MSMEs sector expeditiously and decisively.