Following is the text of press release issued by
President of the
In a statement issued, President KCCI said that the business community expects cut in discount rate as all key economic indicators, ranging from gross domestic product (GDP) growth rate to foreign exchange reserves, fiscal deficit, rupee-dollar parity and the flow of credit to the private sector have been showing signs of improvement.
A favourable reduction in discount rate would bring down the cost of doing business and provide some relief to the members of the business community who were already under immense pressure due to increase in gas tariff, imposition of Gas Infrastructure Development Cess (GIDC), enhanced load shedding and power failures along with poor law and order situation.
The businessmen and industrialists, who are constantly facing various threats due to poor law and order situation, deserve to get some relief in shape of reduction in discount rate, President KCCI emphasized.
He hoped that State Bank of
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