Indian Industry expressing disappointment over the poor show by industrial production in September, pressed for a rate cut by the RBI to boost production and further revive the economic growth.Industry chamber CII said the Reserve Bank should intervene and cut interest rates. The RBI needs to reduce repo rate by 0.5 per cent and Cash Reserve Ratio by 0.5 per cent. Sharing similar views, Ficci President R V Kanoria said that RBI will relook at its monetary policy in the light of latest Index of Industrial Production (IIP) figures and reduce interest rates.Assocham Secretary General D S Rawat also said that the RBI needs to take a constructive view while announcing the next credit policy.The RBI has refrained from cutting interest rate fearing that it could fuel inflation. The central bank is scheduled to come out with next mid-quarter policy on December 18.Industrial production contracted by 0.4 per cent in September on account of dismal performance by manufacturing and capital goods sectors.