FICCI urged the Reserve Bank of India (RBI) to consider cutting the repo rate and CRR to enable lowering of lending rates by banks. FICCI delegation led by Sandip Somany, President, FICCI, congratulated RBI Governor, Shaktikanta Das for calling the meeting of the industry chambers to discuss the current economic scenario.

Somany said that reduction in the repo rate and CRR would help in reviving the investment cycle in the country and will also boost consumption and support growth.

"The need of the hour is to have an accommodative monetary policy, focusing on growth. The objectives of the Monetary Policy committee should not be restricted to only price stability but also to consider growth and exchange rate stability," he added.

Some of the other important issues discussed at the meeting included NBFC's liquidity concerns, measures required to streamline and boost MSME financing and steps needed to push export-led growth.