"I think, we need a time bound, single window clearance by state governments of this very important initiative, which has the potential for growth," Patel told reporters here following the announcement of the RBI's third bi-monthly monetary policy review.
The central government's Pradhan Mantri Awas Yojana aims at housing for all by 2022.
"We have mentioned that we could have stronger growth performance if some of these things are taken forward, in particular removing infra bottlenecks, finding measures to reinvigorate private investment, and provide thrust to affordable housing initiative of the government, which has a potential for very strong multiplier effects," Patel said.
"Fair number of pieces of the jigsaw are already in place," he added.
The RBI on Wednesday cut its repo, or short-term lending rate for commercial banks, to 6 per cent from 6.25 per cent.
Given the urgent need to reinvigorate investment in India, the falling trajectory of core inflation over the last quarter opened up room for the 25 basis points cut in the central bank's key interest rate, Patel said.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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