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Way to sustained growth is by fighting inflation: Raghuram Rajan

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Mumbai: Strongly refuting the charge of being against growth, Reserve Bank of India (RBI) Governor Raghuram Rajan said Tuesday the way to sustainable growth was through moderating inflation.

“There is a major misconception in the industry that the RBI is not concerned about growth. The central bank is concerned about growth and the way to sustainable growth is to have a moderate inflation,” Rajan told reporters here after announcing the central bank’s fifth bi-monthly policy review for the current fiscal.

“RBI wants the strongest growth for India that is possible. We’re talking of years of sustainable growth for which you need to fight inflation,” he added.

In line with expectations, the RBI Tuesday decided to keep key interest rates unchanged. The apex bank kept the repo rate, or the interest that banks pay when they borrow money from the RBI to meet their short-term fund requirements, unchanged at 8 percent.
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Rajan said a change in the monetary policy at the current juncture is premature.

“There is still some uncertainty about the evolution of base effects in inflation, the strength of the on-going disinflationary impulses, the pace of change of the public’s inflationary expectations, as well as the success of the government’s efforts to hit deficit targets, the governor said.

When asked about a missed opportunity for a rate cut, Rajan said if the RBI were to cut rates now it would risk inflation down the line and the associated loss of credibility.

“We should be confident before we do it, or else you will have the same problem of high inflation again and again,” he said.

The RBI has set a target of Consumer Price Index (CPI)-based retail inflation at 8 percent by January 2015 and 6 percent by January 2016.

India’s annual wholesale inflation rate dropped to its lowest level in five years to 1.77 percent in October from 2.38 percent in the previous month and 7.24 percent for the like month of the previous year, official data showed Friday.

What may have helped Rajan ward off pressure for a rate cut is that the country’s factory output grew at 2.5 percent in September showing that the slowdown in economic growth was not as bad as earlier feared.

American brokerage Morgan Stanley expects CPI inflation to dip to around 4.5 percent in November 2014 before edging up to around 6.4 percent in the first quarter of 2015 with the receding of the favourable base effect.

Analysts say the RBI governor remains wary of factors outside his control like volatile oil prices that has seen international crude oil prices slumping below $70 a barrel.

Rajan, who has said he will not hold rates for longer than needed, has  thrice in his 15-month tenure citing inflation as a major concern.

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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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