India needs more monetary steps: Montek

Ahluwalia said RBI could cut CRR and interest rates to add liquidity and help revive growth.

Written by Reuters | New Delhi | Published: February 20, 2009 10:28 am

India needs to take more fiscal and monetary steps to stimulate demand and credit flows in a slowing economy,the deputy chairman of the planning commission said on Friday.

Montek Singh Ahluwalia said the country was witnessing a decline in exports and investment demand.

Separately,Ahluwalia told a television channel that the RBI could cut the cash reserve requirement (CRR) and interest rates to add liquidity and help revive growth.

“That is certainly an instrument they can use,both CRR and interest rates,” he said in the interview,a transcript of which was published in the Indian Express on Friday.

For all the latest News Archive News, download Indian Express App

    Live Cricket Scores & Results