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Repo rate expected, inflation outlook promising: India Inc
New Delhi, April 5 (IANS) India Inc welcomed the Reserve Bank of India’s downward revision of inflation rate in its first monetary policy review of 2018-19, which kept short-term lending rate unchanged, calling it “expected”.
The RBI on Thursday maintained the status quo on its key short-term lending rate at 6 per cent, along with its ‘neutral’ stance, at the first bi-monthly monetary policy review of the new fiscal.
According to a RBI monetary policy statement, the central bank lowered its inflation forecast for the first-half of the current fiscal to between 4.7 per cent and 5.1 per cent, and 4.4 per cent for the second-half, “including the HRA impact for central government employees, with risks tilted to the upside”.
This is what the industry players and analysts had to say:
Sandeep Jajodia, Assocham President, said: “The RBI has rightly flagged certain issues like the impact of MSP (Minimum Support Price) revision on the prices and possible fiscal slippages at both the Centre and the states.”
“RBI’s Monetary Policy Committee to keep the benchmark lending rates unchanged is on the ‘expected’ lines,” Assocham said, due to the concerns “regarding upside risks to inflation arising from possible fiscal slippages, volatility in crude prices and revised formula for the MSP for kharif crops”.
Rajnish Kumar, State Bank of India Chairman, said: “More than the RBI decision to keep rates unchanged, the tone of the policy is a pleasant surprise for the market. The decision to revise downwards the inflation projections and upwards the growth numbers is the best one could have asked for.”
Chanda Kochhar, ICICI Bank MD and CEO, said: “The significant positive in the monetary policy was the downward revision of inflation projections. The MPC has prudently voiced concerns about the possible interplay of domestic and global risk factors that could play out over the medium term.”
Anis Chakravarty, Deloitte India Lead Economist and Partner, said: “On anticipated lines, the Monetary Policy Committee (MPC)… kept the policy rate steady on domestic and global cues.”
Although there are upside risks to inflation “the policy has speculated food price inflation to remain within comfortable range and is likely to ease inflationary pressures to some extent”.
Rajesh Shah, Ficci President, said: “While the Reserve Bank of India has maintained status quo in current monetary policy statement, we hope that RBI will soon consider cut in policy rate and give a further boost to demand and investments.”
FICCI hopes that going forward RBI will adopt an accommodative stance and thereby give a boost to demand and investments. This is critical for transcending to higher growth trajectory as well as to create more job and work opportunities.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.