Reacting on the RBI Monetary policy, Industry Body FICCI said, the RBI has maintained status quo on the policy rates and expressed hope that continuous focus of the central bank on improving the transmission of the previous rate cuts into lower lending rates would yield effective results. FICCI President Harshavardhan Neotia said the recently announced GDP numbers indicate that the economy has moved to a steady growth trajectory. He expects the capacity utilization rates to improve as both rural and urban demand will note an uptick on back of good monsoons and the pay commission announcement respectively. As capacity utilization rates improve and fresh investment plans come, it will be important to have a supportive monetary policy to sustain the momentum. ASSOCHAM President Sunil Kanoria said, by choosing to retain the benchmark policy interest rate at 6.5 per cent, the RBI has not given any surprise to the industry since the central bank wants to wait and see the impact of Monsoon along with certain global factors. He said, the policy statement rightly emphasizes on the transmission of the lending rates by the banks by a slew of measures unveiled in earlier policies, including better liquidity management. The ASSOCHAM President complimented the RBI Governor Dr Raghuram Rajan in keeping a close watch on the global risks and a constant eye on the unfolding liquidity situation with regard to the dollar supply.