The Reserve Bank of India (RBI) cut its policy rate on Wednesday by 25 basis points to 6 percent, the lowest since November 2010, as slumping inflation allowed the central bank to focus on boosting an economy growing at the slowest pace in over two years. But the low frequency of the cuts is what is irritating the people. People need lower interest rates to generate working capital for their projects. So much so that now they have requested Arun Jaitley through the finance ministry to make Pahlaj Nihalani as the RBI Governor, to get more rate cuts.
The RBI decision to cut repo rate was a welcome move and will perk up market sentiments. And people want this feeling too often. Pahlaj Nihalani who has a habit of cutting down almost everything, kissing scenes, bad words, sometimes almost an entire movie would do a great job in boosting the slow economy. Pahlaj has been a government loyalist and will also help government spread its messages through the RBI Governor which was not happening till now.
Finance ministry has not yet given any comments on the request, but they have scheduled a meeting to be chaired by the finance minister to discuss the consequences of such measure. Meanwhile Pahlaj spoke to Faking News and he had this to say,” I will do everything and anything to serve my nation. Be it becoming the RBI Governor. I will try to provide more cuts than the cuts I did for Babumoshai Bandookbaaz to give a push to our economy. Though I would miss being the CBFC chief, I will request the government to allow me to juggle between the two roles which I surely can as both are of keen interest to me.”