Praising the cut in the key lending rate, Union Minister for Environment and Forest Prakash Javadekar said on Saturday that the government has asked the banks to pass on the benefits to the consumers.
Addressing a press Conference, Mr Javadekar said the reduction in repo rate by the Reserve Bank of India (RBI) is an important step to boost growth and it will directly benefit the consumers as bank loans will get cheaper.
"Investment is key for development. Till 2014, nobody wanted to come to India to invest, but now after reduction in corporate tax, a lot of investiment is coming. Modi Government has taken 110 decisions in the last four months to give impetus to growth and increase employment," Mr Javadekar said.
"The merger of banks will strengthen the financial institutions. This also helps RBI monitor credit outflows. Earlier we had 27 banks, now there are only 12. This has been welcomed by the people," added Mr Javadekar.
He said government is improving connectivity - rail, road and air. Tejas and Vande Bharat Express is a a good beginning in this direction.