He added that in the past the central bank hasn't been able to bring down the rates due to high inflation.
    
"The need of the hour has changed and its time to start to look to support growth," Mahindra said.
    
The inflation measured in terms of Wholesale Price Index (WPI) touched a five year low of 2.38 percent in September.

Besides, retail inflation has also dropped to 6.46 percent, the lowest since the new series of Consumer Price Index was released in January 2012.
    
Mahindra also said that with a new government taking charge, not only have the sentiments improved but the economy has also started showing signs of growth on the back of various steps taken by the Narendra Modi-led regime.
    
"This (Indian economy) is a large flywheel. It is not a jump start, it takes a while to gain momentum. I see signs that the flywheel is beginning to move," he said.
    
Highlighting the significance of 'little dose of reforms' undertaken by the new government and how it would eventually add up to 'big bang reforms', Mahindra said "By the first quarter of the next fiscal, you'd see palpable signs of growth."
    
While appreciating the steps taken by the new government such as extending the excise duty cut, he said it is time to bring down taxes in the auto industry.

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