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'High interest rates a deterrent to growth'
- Article from:
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The Hindustan Times
- Article date:
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July 24, 2008
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Copyright informationCopyright © HT Media Ltd. All Rights Reserved. Provided by ProQuest LLC. (Hide copyright information)
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Report from Indo-Asian News Service brought to you by HT Syndication.
New Delhi, July 24 -- High interest rates will act as a deterrent to Indian economic growth, which reached 9 percent in 2007-08, a leading industry lobby said here Thursday.
The industry lobby, Associated Chambers of Commerce and Industry (Assocham), has also advised India's central bank - the Reserve Bank of India (RBI)- not to tighten further money supply in an effort to rein in the double-digit inflation.
Assocham president Sajjan Jindal said "high interest" might push the "economy into low growth", and raise default rates too.
"Economy may slip into low growth phase, causing large number of job losses if the RBI ...
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