Interest rate cut need of the hour, FinMin to tell PM Modi

The govt is keen on a rate cut to help boost the economy

Top finance ministry officials are likely to meet Prime Minister Narendra Modi soon to highlight the merit of cutting interest rates through a presentation on economic growth and inflation. This follows the Monetary Policy Committee’s decision to hold rates in four consecutive meetings.

The government is keen on a rate cut to help boost the economy, especially after the January-March quarter recorded a GDP growth rate of just 6.1 per cent. In that backdrop, when the six-member MPC decided to hold interest rates again on Wednesday, North Block wants to discuss with the PM the urgency of a rate cut