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Scope for rate cut: Manmohan

NEW DELHI: Providing a ray of hope of better times ahead, Prime Minister Manmohan Singh on Saturday told India Inc that there was scope for a further reduction in interest rates and assured industry that credit needs would be met at “reasonable” cost to help combat the impact of the global financial crisis.

At a meeting with captains of industry here ahead of his departure for the G-20 Summit in London on April 2, Dr. Singh said: “With ample liquidity and low inflation, there is scope perhaps for a further moderation in interest rates. Domestic credit for productive needs has to be definitely maintained at reasonable cost.” For industry, particularly disconcerting is the fact that while inflation is about to slide further to zero, the prime lending rates are ruling above 10 per cent.

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