The 12th rate hike on Friday of the Reserve bank of India has received harsh reactions from the corporate sector of India. Various companies from different sectors from auto mobile industry to real estate industries have expressed their anger on the 25 per cent hike by the reserve bank of India. in view of majority of people this step by the RBI is detrimental for the economic growth of the country. In opinion of Harsh Mariwala, chairman of Marico, inflation is something which can be controlled using our monetary policy. Chairman of the Godrej group, Adi Godrej says that hiking will not help in any case rather it will add to inflation.
The rates of home loans in the past 18 months have gone up to 34 per cent. Expert says that it is getting difficult for the consumer to carry this weight of food inflation. It can be clearly seen that inflation is affecting the consumers the most. It has made consumers under pressure. Real estate developers believe that this is the time when economy should boom to have high rate of rate but unfortunately our economy is going through a low phase which has restricted the growth. All this makes it difficult for the planning commission to achieve their target of 9 per cent growth during the 12th five year plan.
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