RBI should cut interest rates to push growth: Goyal

Says use of food inflation in rate-setting a 'flawed theory'

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Union Commerce Minister Piyush Goyal on Thursday said the Reserve Bank of India (RBI) should cut interest rates and give an impetus to growth.

Using food inflation, which restricted the RBI from any rate action for two years in the rate setting is a "flawed theory", the Chartered Accountant-turned-politician said at an event hosted by CNBC TV18.

"I certainly believe they should cut interest rates, growth needs a further impetus. We are the fastest growing economy in the world, we can do even better," Goyal said.