business

CNBC-TV18 Global Leadership Summit: Piyush Goyal Urges RBI to Cut Rates, Predicts Inflation Drop

Union Commerce Minister Piyush Goyal urged the Reserve Bank of India (RBI) to cut interest rates, arguing that food inflation shouldn’t drive this decision. He clarified that this was his personal view, not the government's stance. Goyal expects inflation to drop by December, noting that the Modi government has maintained historically low inflation levels. Addressing recent foreign investor exits, he advised a long-term investment perspective. India’s retail inflation rose to a 14-month high of 6.21% in October, exceeding RBI’s 2%-6% target. The RBI, cautious about inflation risks, recently kept its repo rate at 6.5%, citing potential economic risks.

first published: Nov 14, 2024 12:13 pm