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CEOs want new RBI governor to cut interest rates by Oct

Lower rates will help revive stalled projects

Urjit Patel. Photo courtesy: Kamlesh Pednekar
Urjit Patel. Photo courtesy: Kamlesh Pednekar

Top Indian CEOs want the new Reserve Bank of India governor Urjit Patel to take a dovish stance and cut interest rates by as early as October this year so that it could help revive the falling investments by the private sector. Promoters of many large conglomerates said the falling capital expenditure by India Inc is a worrying sign and was triggered mainly due to high interest rate stance taken by the RBI under outgoing Governor Raghuram Rajan which almost brought private sector capex to a grinding halt. With a new captain at the helm in the RBI, CEOs hoped there will be change ...