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India Inc welcomes RBI’s ‘neutral’, reform measures
New Delhi, June 6 (IANS) India Inc on Wednesday welcomed the “neutral” stance taken by the Reserve Bank of India (RBI) on a future rate hike trajectory, along with its reform measures for the realty, bond and banking sectors.
The positive feedback came even as the RBI raised its key interest rate for the first time since January 2015. It hiked the repo rate by 25 basis points to 6.25 per cent.
Commenting on the monetary policy statement FICCI’s President Rashesh Shah said: “Today’s 25 basis points rise in repo rate by RBI is based on the ground realities and it indicates towards the positive sentiments in the economy.”
“Recovery in Indian economy that has come on the back of structural reforms like GST, Bankruptcy Code and RERA is firming up, and investments have started to see an uptick; RBI stance would boost the animal spirits and confidence of businesses.”
Besides, Shah said that the improvement in growth seen lately needs to be supported to ensure “a firm turnaround of economy with capability of sustained high growth”.
“The manageable inflation situation and optimism in the economy is set to continue going ahead and the GDP growth rate in the current financial year would be around 7.5 per cent,” he added.
In contrast, another major business chamber — Assocham — said that RBI’s decision to hike repo rate has dissapointed borrowers.
“The RBI policy document highlights the macro risks to the economy including uncertainty on the crude oil front and the impact of the revision in the MSP for farm products, pressure for which would only increase in the election year,” Assocham’s Director General D.S. Rawat said.
“In fact, while the borrowers would feel disappointed, the RBI cannot be faulted as its basic mandate as per given by Parliament is to keep inflation under control.”
Rawat further said: “We expect the Monsoon would be normal and well-spread to ease the pressure at least on food inflation, though the concerns on this count have been muted, so far.”
Accordin to ICICI Bank’s MD and CEO Chanda Kochhar, the hike in policy rate has reaffirmed RBI’s credibility as a vigilant Central Bank especially against the backdrop of heightened global uncertainties.
“Such timely action will ensure that inflation expectations remain anchored thereby aiding financial stability,” Kochhar said.
“Moreover, convergence in definition of the priority sector limit for housing loans with that of the government’s affordable housing scheme will ensure that this segment receives a fillip.”
Another top banker, SBI Chairman Rajnish Kumar said: “The RBI decision to raise repo rate by 25 bps is a pre-emptive and welcome move. Simultaneously, the decision to keep the stance in neutral mode indicates RBI willingness to be flexible and accommodative.”
“On the development front, the bouquet of measures are positive. In particular, the increase in FALLCR (Facility to Avail Liquidity for Liquidity Coverage Ratio) will provide more liquidity to banks and moderate short end interest rates,” Kumar said.
“Other measures like increase in threshold limits for affordable housing, encouraging continued formalization of MSME sector are in the right direction.”
–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.
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