"RBI has done a fabulous job in managing inflation. With 250 bps rise in the past 1 year, it is time for RBI to reconsider future rate hikes," said Ajay Singh the newly-elected President of ASSOCHAM & the CMD of SpiceJet, in an exclusive interaction with CNBC-TV18.

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He added that the RBI should give a signal that the era of rate hikes is coming to a close as this would benefit many sectors and industries.

He said that amid the global economic headwinds, India needs to be proud of what it has achieved in the current circumstances.

"Major economies have low or no growth, high inflation and little or no investment. India is doing exactly the opposite. India is the fastest growing economy, we continue to invest more in infrastructure and inflation is moderate," he added. Singh said he also thinks India is a worthy leader of the G20 and the country has shown the world how the economy needs to be managed.

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On being asked about the global recession fears and whether India needs to be cautious, Singh said India needs to stay prepared for all eventualities. However, he thinks the country has nothing to fear as the government has a lot of cushion with good consecutive GST collections.

The SpiceJet CMD said India's banking sector is healthy and that India can leapfrog several countries and decades of low growth. He said, "This is a time where banks need to participate in growth. Banks should lend more aggressively.".

On being asked about what will be the issues of the aviation industry that he will discuss with the government he said, "We have a long standing demand of bringing ATF under GST ambit, this will catapult growth in the sector. Reduction of VAT on ATF by 19 states is a good progress." Singh feels that the time is right to make India a hub for global traffic for connecting Asia to Europe. He feels that there should be more growth in connecting towns with cities, multi-modal connectivity through helicopters, sea planes and drones.

On the situation of SpiceJet Singh said the airline is going through its restructuring and growth plan, which are well on track. "I am confident that SpiceJet will emerge stronger," he said.

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