RBI must reduce interest rates, says Sri Sri Ravi Shankar

Source: The Hitavada      Date: 20 Nov 2017 10:51:52


 

Business Bureau,

Since long period, the RBI has kept interest rates high compared to other countries. Small traders and SMEs were suffering the most as banks were offering loans at higher interest rates of more than 10 per cent to 12 per cent. It has resulted in making loan repayments a difficult task for small traders and SMEs. The RBI should lower the interest rates in order to help trade and industry to take loans from banks at cheaper interest rates and get the investment cycle moving, said spiritual guru Sri Sri Ravi Shankar while speaking on ‘Business ethics and prosperity’ at a programme organised by Goel Ganga Group at Glocal Square Mall on Sunday.


Highlighting the people on the road to prosperity, he said that due to high interest rates, Indian products and services had become uncompetitive in the international market. Furthermore, a country like Greece which has become bankrupt offers loans at only 5.5 per cent interest and Argentina that has defaulted on loans 7 times charges 6 per cent. And in the US it is only 3.5 per cent.


An economic revolution is taking place in the country with the implementation of bold reforms like demonetisation and GST by Prime Minister Narendra Modi. Demonetisation was implemented to restrict terrorism and GST was introduced to eliminate generation of black money, he said. He said that people as responsible citizens should promote and buy Indian products. Foreign companies on the other hand are aggressively marketing their products and taking profits out of the country. Indian businessmen must learn how to market their products in an effective manner. They should innovate new products with research and development and make better products at lower costs.


He also suggested that one should conduct business in ethical manner and resist greed and temptation. This will only lead to sleepless nights and fear of being caught with black money. Also, such type of people may suffer various diseases and get hospitalised. Present were Atul Goel, MD of Ganga Goel Group, B C Bhartia, National President of CAIT, Varun Mehadia, President of Sitabuldi Mobile Market Association, Pratap Motwani and others.