Industry bodies have welcomed rate cut by RBI. FICCI President Dr Jyotsna Suri said the industry has been strongly advocating need for a deeper rate cut and is delighted by the decision. She said the FICCI is looking forward to a faster transmission by banks as it would give a boost to the much needed investment and consumption demand in the economy. Appreciating the rate cut, CII Director General Chandrajit Banerjee said Industry is happy that the RBI has finally recognised the weakness in underlying economic activity and the need for a reduction in borrowing rates to drive recovery. He said exports from the country have been falling sharply and in this scenario, investments cannot be expected to pick up without a significant reduction in interest rates.