RBI should cut interest rates, look through food prices: Piyush Goyal

The Reserve Bank of India (RBI) should cut interest rates to boost economic growth and look through food price while deciding on monetary policy, said Union Commerce Minister Piyush Goyal, the first time a government minister has backed calls to re-examine the nation's inflation targeting framework.

"I certainly believe they (RBI) should cut interest rates. Growth needs a further impetus," said Mr. Goyal at an event organised by CNBC-TV18 on Thursday (November 14), adding it's an "absolutely flawed theory" to consider food inflation while deciding on rates.

Mr. Goyal clarified these were his personal views and not that of the government but also pointed to a similar suggestion by the chief economic adviser in his Economic Survey earlier in the year.