Mr Ramesh Chandak, President, The Indian Electrical and Electronics Manufacturers Association (IEEMA) has expressed its deep disappointment at RBI's decision to not cut either the CRR or the repo rate in today's monetary policy review.

Commenting on the policy, Mr Chandak stated "We were expecting cuts in both CRR and repo rates. We have been calling for a comprehensive and coordinated strategy to revive the investment sentiment so that public and private capital expenditure, which has shown a drop in recent times, once again picks up in the infrastructure sectors. While the Central Government needs to give a determined push to the stalled major infrastructure projects, including power, in the country, RBI needed to reduce the cost of credit, which has not taken place."

"The failure to deal with supply side constraints has been primarily responsible for the inflationary pressures in the economy and tackling them through tighter monetary measures will only lead to further accentuation of the economic slowdown," Mr. Chandak said while appreciating the need to check inflation.

IEEMA is a 63-year-old apex industry association representing the Indian electrical, industrial electronics and allied equipment industry. IEEMA has over 750 Members with a combined annual turnover of over USD 25billion. IEEMA is consulted for policy formulation as the industry-government interface, and evolves product standards alongside India's standards setting body the BIS. IEEMA publishes statistics pertaining to trade and growth, export promotion, raw material price indices etc. IEEMA facilitates industry - user interactions through international technical conferences, roundtables and training/tutorials sessions, and the monthly publication IEEMA Journal. It also organizes ELECRAMA, the largest transmission and distribution equipment and services exhibition in the world.