Industry on Tuesday welcomed the Reserve Bank of India’s credit policy of surging ahead on the growth path and hoped that the central bank would make available credit at the right cost to keep in place the revival process.

Confederation of Indian Industry (CII) President Venu Srinivasan said that the RBI action aimed at strengthening the recovery process by keeping the key rates unchanged, particularly because demand was still not strong and the industrial recovery was at the nascent level.

Mr. Srinivasan said the RBI Governor had also sought to send a strong signal to industry and the investor community about its pro-growth approach and its acknowledgement that the food price inflation was supply-driven and had desisted from raising interest rate to contain food prices.

Federation of Indian Chambers of Commerce and Industry (FICCI) President Harsh Pati Singhania described as heartening the RBI’s decision to address growth concerns instead of going in for monetary and inflationary corrections.

Associated Chambers of Commerce and Industry of India (Assocham) President Swati Piramal regarded the policy announcement as on expected lines and was confident that it would strike a fine balance between growth and inflation.

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