Hiranandani Says Rates in India at ‘Ridiculous Proportions’

Sept. 22 (Bloomberg) -- India central bank’s interest rate increases have reached “ridiculous proportions,” said Niranjan Hiranandani, managing director of Hiranandani Constructions.

The Reserve Bank of India is now fuelling further inflation by the extent of rate increases, he said at the 8th international real estate summit organized by the Federation of Indian Chambers of Commerce and Industry in Mumbai today.

To contact the reporter on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net

To contact the editor responsible for this story: Niveditha Ravi at nravi2@bloomberg.net