New Delhi, Sept 29 (KNN) Hailing the RBI’s decision to cut the interest rates by 50 basis points, Finance Minister Arun Jaitley said the move will help support the economy.
 
Jaitley addressed a press conference along with Chief Economic Advisor Arvind Subramanian and Economic Affairs Secretary Shaktikanta Das after the RBI's policy move.
 
Reserve Bank Governor Raghuram Rajan on Tuesday cut the benchmark repo rate by 50 basis points to a 4-1/2 low of 6.75 per cent in a surprise move.
 
Jaitley said the government will work towards transmission of rate cut. “Transmission of RBI rate cuts by banks will boost investments,” he added.
 
Jaitley said, “Government fully committed in meeting fiscal deficit target in order to achieve the gains from contained inflation.”
 
Meanwhile, lauding the decision, Subramanian said Economy needs policy support from both the government and the RBI.
 
Das, the Economic Affairs Secretary, said the government will review small savings rates. (KNN Bureau)