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RBI’s neutral stance shows it is less hawkish: JP Morgan
New Delhi, Feb 9 (IANS) With retail inflation in India going over the five per cent mark, the RBI continuing its neutral stance at its final monetary policy review of the fiscal earlier this week is indicative of a less hawkish central bank outlook, according to US financial services multinational JP Morgan.
Announcing the first policy review on Wednesday after the Union Budget 2018-19 presented last week, the Rerserve Bank of India (RB) said its decision to keep its repo, or short term lending rate for commercial banks, unchanged at 6 percent is consistent with the neutral stance of the central bank aimed at achieving its median inflation target of 4 per cent.
The RBI has indicated that there are a lot of upside risks to inflation. But, there are a lot of uncertainty about how these risks will pan out. For oil prices, the statement says, things could move in either way…or in minimum support price (agriculture) there is no clarity on how this will be done, and therefore what the inflation impact is, JP Morgan’s AChief India Economist Sajjid Chinoy told BTVI in an interview.
“I think we will need to see some of these risks being realised… And for the inflation forecast to go up, for the RBI to change its stance,” he said.
Keeping its key interest rate unchanged for the third time in succession, the RBI cited upside risks for inflation from rising global crude oil prices and various domestic factors.
“You will see in the next few months, the headline inflation actually edges down a little bit, because seasonally food prices have been falling and vegetables have been falling quite sharply. In the second quarter you will see a big pick up in inflation and lot of it is just unfavourable base effects,” Chinoy said.
The continuing rise in food and fuel prices pushed India’s annual retail inflation rate in December 2017 to 5.21 per cent, from 4.88 per cent in November 2017.
Presenting his last full budget before the general elections next year, Finance Minister Arun Jaitley made a significant announcement of fiscal slippage with implications for pushing inflation, revising upwards the government’s fiscal deficit target for 2017-18 to 3.5 per cent of the GDP, or the equivalent of Rs 5.95 lakh crore. The higher target came in place of the 3.2 per cent — or Rs 5.46 lakh crore — for the current fiscal announced earlier.
“Having had that slippage I think it is very important that this year, the government sticks to its fiscal consollidation path,” Chinoy said.
“I think the government is acutely aware how important it is both for macroeconomic stablility and for credibility to stick to its deficit path this year… so, we are very much on the side that they will stick to the 3.3 per cent for next year,” he added.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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