The prime lending rate is still more than 12% and there is enough scope to reduce it drastically.

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INTEREST RATES: If every crisis is an opportunity, here is the mother of all opportunities. A few years ago, when major economies of the world had started cutting interest rates because of recession worries, the Reserve Bank of India kept hiking them to combat inflation. After the September 2008 meltdown, there has been a move to once again cut interest rates. But the fact of the matter is that no other major economy of the world has interest rates as high as India’s. The prime lending rate is still more than 12% and there is enough scope to reduce it drastically. The positive impact on the Indian economy will be monumental. Please remember: more than 7% of average GDP growth rates of the last decade came after interest rates in India were cut drastically to single digits from peak levels of about 16% in the mid 1990s! No other major economy in the world can boast of this incredible cushion and opportunity.


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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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