Repo rate hike will have cascading effect on economy: BJP

NEW DELHI: BJP on Friday said the RBI decision to increase repo rate will lead to higher housing and car loan rates thus affecting the common man and sought to know from the government what steps it was taking to control inflation.

"Government was today again left to walk alone to face challenges to growth. RBI has taken its own call and increased the repo rate. With this the housing and car loan rates will go up and have a cascading effect on the economy," BJP spokesperson Nirmala Sitharaman said.

She charged that the government has been continuously misreading the economy.

"The government has failed to control inflation. It should clarify what it has done to check inflation," she said.

RBI raised the short-term lending (repo) rate by 0.25 per cent to 7.5 per cent. This will push up inflation further, Sitharaman said.

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