Finance Minister Piyush Goyal on Wednesday welcomed the monetary policy announcement by the RBI, saying it confirmed that economic activity was on the upswing in the country.
"Coming on the back of robust GDP growth, lower consumer inflation, strong GST collections and positive investor sentiment, I welcome RBI's monetary policy which confirms that economic activity is on the upswing and expects a boost to investments from swift resolution of NPAs (non-performing assets)," Goyal said in a tweet.
The Reserve Bank of India (RBI), in its bi-monthly policy review, raised its key interest rate, for the first time since January 2015, by 25 basis points, responding to concerns on inflation from surging global crude oil prices.
The apex bank, however, maintained its 'neutral' stance on future rate hike trajectory allowing it to move either way on rates.
--IANS
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