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NITI V-C Rajiv Kumar calls on RBI to cut interest rates to fire up economy

'If you say there are job losses where is this growth coming from,' Kumar said in response to criticism about lack of generation of employment

Niti Aayog vice-chairman Rajiv Kumar
Niti Aayog vice-chairman Rajiv Kumar. File photo.

India is calling on its central bank to cut interest rates to fire up the economy, after a federal budget announced steps to spur consumption. The Reserve Bank of India will “hopefully” reduce policy rates by a quarter percentage point and switch to a neutral stance, Rajiv Kumar, vice chairman of government think-tank NITI Aayog, said in an interview after last week’s budget that focused on boosting the rural economy and real estate sector. “This is the right time for RBI to think about a rate cut and give investment a boost so that all engines start ...