RBI rate cut result of steps taken by Modi govt: BJP

The lowering of interest rates will directly benefit the common man, BJP today said as it lauded the initiatives taken by the Narendra Modi government on the economic front for making such steps possible.
Congratulating the government for taking steps to revive the economy, rev up growth and the country's GDP and control price rise and inflation, BJP said such steps will help India regain its glory.
"BJP congratulates the initiatives taken by the Narendra Modi government on the economic front. The reduction of interest rates will benefit the common man directly and is a result of the steps taken by this government," said BJP national secretary, Shrikant Sharma.

He said that the reining in of spiralling prices has brought major relief to the common man, especially the middle- class, which has struggled under the impact of price rise during the past decade of Congress rule.
Saying that the country was today growing at a fast pace, Sharma claimed that the latest growth rate indicates that India has overtaken China.
"The BJP-led government has taken some measures for fiscal management and this will help the country grow faster," he said.
Sharma hoped that the economy will grow faster in the coming days and India will emerge as the fastest-growing economy in the world.

Home, auto and corporate loans are likely to cost less after RBI today cut interest rate by 0.25 per cent for the third time this year to spur investment and growth. It asked banks to follow suit and pass on the rate cuts -- 0.75 per cent since January -- to individual and corporate borrowers.