National
Finance ministry lauds rate cuts, nudges rating agencies
New Delhi: The finance ministry welcomed the interest rate cuts announced by the Reserve Bank of India (RBI) Wednesday and said it was a vote of confidence on the steps taken by the government on fiscal consolidation and will lower the cost of loans for people at large.
“We have now moved from a hope-rally to a conviction-rally,” Minister of State for Finance Jayant Sinha told reporters here, adding the rate cut will provide the much-needed boost in the medium term to revive the economy.
“More rate cuts will depend on future data,” he said, hoping rating agencies take a cue.
“If you take all that’s happened in the last few days — the rail budget, the Union budget and the Economic Survey and now the RBI cut — all these suggest that the economy is on it’s way to maintaining a healthy momentum,” Sinha said.
“The outlook looks good because it is backed by data and reforms. The budget is hopefully going to push forward our growth. So if the outlook looks good, then the rating agencies should draw their lessons from that improving outlook.”
Getting some positive cues from the national budget tabled last week, and sensing an economic recovery, the RBI cut the repurchase (repo) rate to 7.5 percent from 7.75 percent, while the reverse repo rate was adjusted to 6.5 percent from 6.75 percent.
India Inc also welcomed the rate cut and said the unexpected move sends a huge, positive signal that the central bank and the government are working in tandem to push growth while not losing sight on the need to control inflation.
“The Reserve Bank has acted out of turn to respond to this urgency of the economy and industry. On behalf of CII, we thank and commend the RBI for this bold move”, said Chandrajit Banerjee, director general of the Confederation of Indian Industry (CII).
He hoped rating agencies will take a positive cue from the developments.
“This (rate cut) shows RBI’s comfort about the quality of fiscal consolidation. The decision comes post the signing of formal monetary policy framework between RBI and government giving positive signal for growth,” said R.K. Gupta, executive director, Bank of Maharashtra.
National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
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.