Ficci hopes RBI will continue with reforms process

Industry body also praised the government's decision of relaxing the FDI norms

"With the Indian economy slowly steering towards a higher growth path, it is important that the recovery process underway is given a push and support through all policy levers. We are happy to note the alacrity with which the government is actioning a spate of policy and procedural reforms to make doing business easier for firms. The recent overhaul of the FDI policy framework is again an attestation of the government's commitment to make India a magnet for investors," said Harshavardhan Neotia, President, Ficci.

"Foreign direct investment flows are increasing and Ficci's latest Business Confidence Survey shows that capacity utilisation levels for firms in the country are also improving. As this happens, the appetite for new investments amongst domestic investors will also start increasing and it will be the right time for the central bank to aid the flow of funds to the industrial sector as well as make the same available at a lower cost than what is available today", he added.

"We hope that the central bank will continue with the reforms process in the banking sector and at the same time enable flow of funds to the industrial economy for productive use at reasonable rate of interest", said Neotia.