Mumbai: Days ahead of credit policy review by the Reserve Bank, Chief Economic Adviser Kaushik Basu on Friday said "out-of-the-box" thinking is needed in the monetary policy and favoured slashing interest rates to boost sagging economic growth.
"What we need to do is to create more space for the private sector to invest. But my personal feeling is that given that growth in doing so poorly, and the investment mood is down, some easing up on interest rates in the form of a repo cut is worthwhile at this juncture. Our focus has to be entirely on growth at this point of time," Basu said.
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03:31 AM, Jun 09, 2012
