New Delhi, Dec. 5 -- Pankaj Chadha of Engineering Export Promotion Council India (EEPC India) welcomed the Reserve Bank of India's (RBI) move to cut the policy repo rate by 25 basis points to 5.25%, calling it "in line with expectations."In addition to the rate cut, the central bank announced open market operations (OMO) purchases worth Rs 1 lakh crore and a three-year USD/INR buy/sell swap auction of USD 5 billion to further infuse liquidity into the banking system.
"This is a welcome step that is expected to lift business sentiment, including in the engineering goods sector," Chadha said. "The rate cut will reduce borrowing costs and provide a further boost to economic growth." Chadha highlighted the challenges facing engineering exporte...