The textile industry may benefit from the Indian central bank’s interest rate cut
On April 17, the Reserve Bank of India announced that it would cut the bank’s benchmark interest rate by 50 basis points, twice what the market expected. It is understood that India’s interest rate cut this time is aimed at stimulating economic growth, but domestic inflation will limit the space for further reductions in interest rates. Analysts believe that India’s interest rate cuts will help the production of the domestic textile industry to a certain extent, and the downturn in the Indian textile industry may be over.
The head of the Confederation of Indian Industry said that India’s domestic GDP growth is currently slowing down, and interest rate cuts are expected to stimulate foreign investment, among which the Indian textile industry will benefit the most. It is reported that in February this year, India’s yarn production fell for the 11th consecutive month year-on-year, and the interest rate cut will promote the revitalization of domestic textile production.
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