NDA to pursue policies for lower interest rates: Jaitley

Within hours of the RBI cutting benchmark interest rates, Finance Minister Arun Jaitley said on Thursday the government if voted to power would pursue those economic policies which would enable further cut in interest rates.

The Minister was speaking at an industry event where he also said that the Goods Services Tax rate reduction in cement would be the next on agenda of the GST Council.

If re-elected to power, there is need to maintain growth momentum for the next decade. Government would continue with fiscal consolidation and also pursue policies to enable further reduction in interest rates, Jaitley said.

The Narendra Modi government is seeking a second term. India goes to polls next week, and the result will be known on May 23.

The Reserve Bank of India on Thursday for the second time cut benchmark interest rate by 25 basis points (bps). It had done so by a similar margin in February as well.

Speaking at the event, Jaitley said the government would look at reducing the GST on cement. After a slew of cuts in the housing sector on GST rates, cement was the last item which was still in the highest slab of 28 per cent.

--IANS

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