Leading India Inc representatives today made a strong plea to the Reserve Bank to review its rate tightening policy, saying the high cost of credit is having an adverse impact on growth. Quoting a recent study, industry body FICCI’s Vice-President and HSBC’s Country Head, Naina Lal Kidwai, said a majority of firms feel inflation and successive rate hikes in the key monetary variables “have started having a bearing on the industry’s performance.”

“India Inc is worried about the significant impact of the increasing inflation and interest rates on their operations…further rate hikes by RBI could impact investment plans and activity levels adversely going forward,” she said during the customary pre-policy meet with RBI top brass ahead of the annual monetary policy announcement due on May 3.

To tame the headline inflation number which stood at a higher-than-comfortable 8.

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