Reduction in repo rate will benefit people, industry: Javadekar

Lucknow: Hailing the Reserve Bank of India's (RBI's) decision to cut repo rate, Union Minister for Information and Broadcasting Prakash Javadekar said on Saturday that the government has asked banks to transmit accruing benefits to loan borrowers.

"The RBI took an important decision and decided to reduce the repo rate for the fifth time this year. The decision will lower monthly instalments to be paid. Bank loans will become cheaper and strengthen industries," he said while addressing a press conference at the BJP state headquarters.

"The government has directed banks to pass the benefits to people," said Javadekar.

"The government has also lowered corporate taxes. We need domestic and foreign investments to boost economic growth."

Javadekar said that there the government led by Prime Minister Narendra Modi took 110 decisions in 15 cabinet meetings to accelerate investment inflows.

"This will boost employment generation and Make in India initiative," he said.

The minister, who is also Minister for Environment, Forest and Climate Change, said the government has simplified the process of environmental clearances.

"Permissions and clearances are being given within 108 days in comparison to 640 days during the UPA regime. We do not compromise on environmental policies. We will protect the environment and develop the nation," said Javadekar.