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Mfg Slump Prompted Feb Rate Cut: RBI Rate Panel's Kumar
Hindustan Times East UP
|February 25, 2025
A sharp slowdown in India's manufacturing sector - a key driver of job creation - was a major factor in the monetary policy committee's (MPC) decision to cut the key repo rate earlier this month, an external member told Reuters.
Mumbai:
"In particular, there was a concern about the weaknesses of the manufacturing sector, which is important for job creation, due to subdued urban consumption and slow growth of private investments," Nagesh Kumar said on Friday, adding the views were his own and not those of the committee.
"The challenging global economic environment with threat of major trade wars erupting also does not bode well for the manufacturing sector," he said.
This story is from the February 25, 2025 edition of Hindustan Times East UP.
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