Piyush Goyal welcomes repo rate cuts announced by RBI

New Delhi, Sept. 29 (ANI): Union Power Minister Piyush Goyal on Tuesday welcomed repo rate cuts announced by the Reserve Bank of India (RBI), saying that the central bank’s decision will contribute towards nation’s growth.

“I am very happy that a framework has been set for aggressive growth in the future,” Goyal told media.

Finance Minister Arun Jaitley had earlier in the day said the central bank’s decision will significantly provide policy support to the real economy and help in the recovery process.

The RBI on Tuesday announced a cut in the Repo Rate by 50 bps to 6.75 percent, while the Cash Reserve Ratio ( CRR) remains unchanged at four percent.

RBI Governor Raghuram Rajan had also asserted that the central bank aims to get the inflation rate down to five percent by the end of fiscal 2016-17.(ANI)

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