Kolkata, Jan 14 (PTI) Former chief economic advisor Kaushik Basu on Monday said the Reserve Bank of India (RBI) could "slightly" reduce interest rate to boost growth.

"NPAs have made the banks cautious. But, India can do with slightly lower rate of interest," Basu said at an interactive session organised by the Indian Chamber of Commerce here.

The central bank should be left alone with complete autonomy, he added.

The RBI's monetary policy review is slated in February.

Basu also said that the investment rate in India was on the decline.

Talking about the GST, he said it was borrowed from advanced countries and "poorly implemented", and demonetisation was a "bad idea".

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)