Industry bodies have welcomed the reduction in repo rate. In a statement, Director General of Confederation of Indian Industries, CII Chandrajit Banerjee said, the reduction is very much in line with industry expectations and reinforces the perception that the government and the RBI are working in unison to take the economy to a higher pedestal of growth. He said, CII strongly feels that the accommodative monetary policy stance should be maintained to boost consumption demand and trigger the investment cycle. President of Federation of Indian Chamber of Commerce and Industries, FICCI Jyotsna Suri said, rate cut was the need of the hour and it will expedite the revival of private investments and demand for housing, automobiles and consumer durables.