New Delhi: Bharatiya Janata Party's firebrand leader Subramanian Swamy has said that Prime Minister Narendra Modi must instruct Reserve Bank of India (RBI) Governor Raghuram Rajan to either cut rates or be ready to be sacked.
"PM must make clear to RBI Gov: Rate cut now or Rajan cut right away," Swamy said in a tweet.
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RBI will announce its monetary policy today and most market participants and the economist are expecting a rate cut.
Niti Ayog vice Chairman has also backed the idea of aggressive rate cut to bolster growth, "Growth rate has turned around and shows signs of further acceleration. Inflation is well within the target zone, indirect tax revenues have been buoyant and investor confidence is much improved with foreign investors returning to the country," Panagraiya told TOI in an interview.
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Earlier last month at Jackson Hole, Rajan had mentioned that the Central Bank had cut interest rates thrice in the year and were still in an accommodative mode, this statement have fuelled their hopes of a rate cut.
