Finance Minister Nirmala Sitharaman may not have been able to give tax relief to the middle class, but what she said about debt and its interest rates will win the hearts of the people. Especially the middle class will be giddy to hear this.

Finance Minister Nirmala Sitharaman may not have been able to give tax relief to the middle class, but what she said about debt and its interest rates will win the hearts of the people. Especially the middle class will be giddy to hear this. Finance Minister Nirmala Sitharaman spoke the mind of the middle class about expensive loans. Speaking at an event, he said that the current bank interest rates are a problem for borrowers. He said that people should get relief from expensive loans. Steps need to be taken to make interest rates affordable.

Relief should be given from expensive debt

Speaking at the SBI Banking and Economics Conclave 2024, the Finance Minister said that the borrowing cost is really high. He said that debt is expensive at a time when you want to expand the business. When we want to promote the industry and also want to increase capacity building. At such a time, we need to make interest rates affordable.

People are under a lot of pressure due to expensive debt

Understanding the pain of the middle class, the Finance Minister said that bank interest rates are very pressure for some people. He told banks that steps need to be taken to make loans cheaper. RBI has kept the repo rate unchanged at 6.50 per cent. The hope of cutting the repo rate remains unfulfilled every time.

Will RBI cut repo rate?

The Reserve Bank of India has not cut interest rates since February 2023. It was then increased by 0.25% to 6.5%, since then no cut in interest rates was made. Explain that repo rate is the rate at which RBI lends to banks. That is, if the repo rate decreases, then the installment of home loan, personal loan and car loan decreases. Although the inflation rate is above the RBI's expectations, but since the Finance Minister's concern about interest rates, once again the hope of cheap interest rates of the common man has arisen. People hope that in December the RBI can announce a cut in interest rates. This statement of the country's Finance Minister is a big challenge for the RBI amid rising inflation.

Said this on tax

Earlier, responding to this user's post about tax, the Finance Minister said that she understands the concerns of the middle class. In response to a post from a user named Tushar Sharma about tax relief, Nirmala Sitharaman wrote, "Thank you for your kind words and your understanding. I understand and appreciate your concern. The Modi government is a responsive government that listens to the voice of the people and pays attention to them.