Mumbai, Sep 16: The auto industry expressed shock at the latest Reserve Bank decision to hike key policy rates by 25 basis points today, saying the move will further dampen the already cringing demand and will pour cold water on the festive season.
“The market has already slowed down. This latest hike will further dampen the auto sector. It will dampen demand during the festive season. It was never expected. The RBI should have given a break, at least this time,” General Motors India Vice-President P Balendran told PTI.
The Reserve Bank raised its key rates by 25 bps points to 8.25 percent - the 12th hike since last March, in its bid to batten down inflation which stood at an elevated 9.78 percent in August.
From: http://ping.fm/9qBuE
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