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Ficci hopes Reserve Bank will continue with reforms process

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Ficci hopes Reserve Bank will continue with reforms processFicci hopes Reserve Bank will continue with reforms processNew Delhi: With the government further easing rules for foreign direct investment in India, industry chamber Ficci on Wednesday hoped the Reserve Bank of India will complement this move by lowering interest rates further to aid the flow of funds to industry.

“Foreign direct investment flows are increasing. The appetite for new investments amongst domestic investors will also start increasing and it will be the right time for the central bank to aid the flow of funds to the industrial sector as well as make the same available at a lower cost than what is available today,” Ficci President Harshavardhan Neotia said in statement here.

“The recent overhaul of the FDI policy framework is again an attestation of the government’s commitment to make India a magnet for investors,” he said.

“We hope the central bank will continue with the reforms process in the banking sector and at the same time enable flow of funds to the industrial economy for productive use at reasonable rate of interest,” Neotia said, referring to the RBI’s directive to state-run banks to deal with their massive non-performing assets, or bad loans, and clean up their balance sheets by March next year.

Earlier this week, the government announced major reforms in India’s foreign equity norms, notably in aviation, defence production, pharmaceuticals and food processing sectors, further opening the doors for the inflow of enhanced overseas capital.

The whole approach is to make the process of FDI approval “as far as possible automatic”, Economic Affairs Secretary Shaktikanta Das said here after the announcement.

Meanwhile, RBI Governor Raghuram Rajan last week announced his decision to return to work in academics at the end of his term in September, leaving the possibility of him overseeing only another bi-monthly monetary policy review in early August.

Rajan had retained the RBI’s key lending rate unchanged at 6.5 per cent in the policy review held earlier this month.

The Ficci president on Sunday recalled the “outstanding contribution” of Rajan following his decision not to seek the second term, and hoped an able replacement for Rajan will be found.

Rajan became RBI governor in 2013 at a time when the US Federal Reserve had declared its intent to wind down its stimulus programme and the rupee had plunged in value in respect of the US dollar on fears of a spiralling current account deficit.

In a series of measures, Rajan managed to stabilise the currency, which also helped to bring back foreign investors.

It will be the first time in 24 years that the RBI governor has departed after a single three-year term.

In this context, it is being felt that the government’s failure to retain Rajan will be seen by the world as India’s non-approval of his policy against inflation and the huge stressed assets of the banking sector.

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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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