Industry body the Confederation of Indian Industry (CII) has said that the appointment of former bureaucrat Shaktikanta Das as the new governor of the Reserve bank of India (RBI) comes as a bid sentiment booster to the industry. It also expressed confidence that Das will take urgent steps to address the liquidity squeeze in economy.
It also said the announcement enables a smooth transition process and ensures that stability will be maintained. It also said that the government, in selecting an experienced economic expert, has avoided disruption and imparted huge confidence to investors and industry.
CII further said that the industry was confident that the liquidity squeeze in the banking and non-banking financial sector, which is spilling over to the various segments of industry would be taken up with all urgency by Das and there would be seamless flow of credit to industry and trade, especially to the Micro- Small and Medium Enterprises (MSMEs).