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Arvind Subramanian welcomes RBI’s decision to cut down repo rate

New Delhi, Jan. 15 (ANI): Chief Economic Advisor Arvind Subramanian on Thursday welcomed the Reserve Bank of India’s decision to cut down repo rate by 25 basis points from eight percent to 7.75 percent, saying the reduction will encourage the consumers and industries to spend more. Meanwhile, Akash Jindal, a market expert, predicted that the reduction in repo rate will cause the stock market to boom. “This reduction was being demanded by the RBI for a long time, but they were waiting to see if inflation comes under control. Now that the Wholesale Price Index (WPI) has dropped to a minimal level, the RBI can concentrate on growth,” he added.

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