According to State Bank of India report,easy money policy will be ineffective to push the slow growth engine.
An easy money policy is a monetary policy that increases the money supply usually by lowering interest rates.It occurs when a country’s central bank decides to allow new cash flows into the banking system.
Recently,the Reserve Bank of India(RBI) had cut the repo rate by 25 basis points from 6% to 5.75%.Repo rate refers to the rate at which commercial banks borrow money from the RBI.
However,SBI report has said that easy monetary policy with a reasonable tight fiscal deficit will be ineffective in addressing the existing demand slowdown.
The report suggested that government should use the forthcoming budget for more direct and quicker fiscal measures as financial system is in need of some serious reforms.
Further,the SBI report also referred to India’s quarterly GDP growth which has declined to a five-year low of 5.8% for the March quarter pulling down the full-year GDP for FY19 to a low 6.8%.
SBI report has also suggested that the ongoing crisis in the non-banking finance companies which constitute up to a fifth of the overall lending in the economy needs immediate attention to revive the fortunes of the financial system.
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