RBI might slightly reduce interest to boost growth, investment rate declines: Kaushik Basu

Kolkata: Former chief economic advisor Kaushik Basu on Monday said the Reserve Bank of India (RBI)could "slightly" reduce interest rate to boost growth."NPAs have made the banks cautious. But, India can do with slightly lower rate of interest," Basu said at aninteractive session organised by the Indian Chamber of Commerce here.The central bank should be left alone with complete autonomy, he added. The RBI's monetary policy review is slated in February.Basu also said that the investment rate in India was on the decline.Talking about the GST, he said it was borrowed from advanced countries and "poorly implemented", anddemonetisation was a "bad idea".  To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.