“On the expected line, the Reserve Bank of India has kept its policy rate unchanged in the February Monetary Policy Committee meeting. Indeed, the inflation projection for the first half of the fiscal year 2019 has been increased to 5.1%-5.6% but for the second half, it has been kept lower at 4.5%-4.6% on account of a strong favorable base effect. By keeping its stance unchanged – neutral – it has sent a positive signal to the market.
Also, the relief for Micro, Small and Medium Enterprises (MSMEs) who have registered under Goods and Service Tax is a welcome step. While MSMEs with an exposure up to Rs.25 crore will have extra time to repay bank loans (provided they have registered under GST), banks have also been allowed to treat all MSME loans as priority sector loans without any limit on their exposure. This will encourage banks to lend to this sector which is an engine for economic growth.”
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