Maruti Suzuki Chairman Anticipates Rate Cut in Early 2024
Maruti Suzuki Chairman R.C. Bhargava believes that the Reserve Bank of India (RBI) may cut interest rates early next year, potentially boosting demand in sectors like automotive and FMCG. This prediction comes amidst a challenging economic climate impacting various industries.
Bhargava commended the RBI's efforts in balancing economic growth and inflation control, attributing India's resilient economic performance to this approach. He expressed optimism about a rate cut in early 2024, citing the moderating trend in both wholesale and retail inflation.
"If inflation comes down a bit more, I would imagine that early next year we might see a rate cut," Bhargava stated.
He lauded the RBI's steady approach in managing inflation, avoiding drastic measures that could destabilize the economy. This strategy, he believes, has helped India maintain steady growth even as other countries struggle with inflationary pressures.
Bhargava also acknowledged the coordinated efforts of the RBI and the Indian government, emphasizing their role in strengthening India's economic position amidst global volatility.