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Wholesale inflation increases; Food prices benign, says FICCI president
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Thursday, 16 February, 2017, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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Following the release of the wholesale price index- (WPI) based inflation numbers, Pankaj Patel, president, Federation of Indian Chambers of Commerce and Industry (FICCI), said, “Wholesale inflation has gone up. Food prices, however, continue to remain benign. That is a positive development.”
“In fact, consumer price index- (CPI) based inflation data, which were also released recently, also indicated the softening of the food prices,” he added.
“The industrial economy is still weak, and there is a need to improve the flow of credit to the manufacturing and infrastructure sectors,” Patel said.
“We also need to see a further reduction in the lending rates by banks, and we hope that the Reserve Bank of India’s (RBI) guidance on this to the banks will be followed up in the form of further reduction in rates for companies,” he added.
“While retail loans at an affordable price will help boost consumption, there is an equal need to prop up the industrial sector through easy finance,” Patel stated.
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