CII President calls for 100 bps rate cut on WPI numbers

WPI inflation for March fell to 5.96%, according to the data released today

With Wholesale Price Index (WPI) inflation falling to 5.96% in March, Confederation of Indian Industries (CII) president S Gopalakrishnan today advocated 100 basis point cut in the policy rate by Reserve Bank of India (RBI).

Pegging economic growth at 6.2-6.4% in the current financial year, the CII president asked the government to pursue reforms in Foreign Direct Investment (FDI), taxation (GST, DTC), clear stuck up projects expeditiously, pass Land Acquisition Bill in Parliament.

With these measures, Infosys co-chairman was confident that the econommic growth could be accelerated to 8% in a couple of years.

In medium term, he said the growth could be raised to 9% a year.