Govt committed to fiscal consolidation: PC
Posted on Tue , 30 Oct '12
Even as the Reserve Bank of India (RBI) left interest rates on hold but cut the cash reserve ratio for banks today, Union Finance Minister, P Chidambaram has asserted that the government was committed to tread on the path of growth and was working towards accomplishing fiscal consolidation. However, Deputy Planning Chief, Montek Singh Ahluwalia said that the reduction in CRR was a fine step and one that would have long lasting impact. The RBI left policy repo rate unchanged at 8 percent, while lowering cash reserve ratio by 25 basis points to 4.25 percent.