National
RBI maintains key rates, GVA projection, concerned over inflation (Third Lead)
Mumbai, Dec 6 (IANS) In its penultimate monetary policy review of the fiscal, the Reserve Bank of India (RBI) on Wednesday maintained status quo on key lending rates citing concerns over the rising trajectory of inflation. It retained the economic growth projection for the current fiscal.
The central bank said its repurchase rate, or the short-term lending rate for commercial banks, had been maintained at 6 per cent.
Consequently, the reverse repo rate remained at 5.75 per cent.
The RBI said “two of the key factors determining the cost of living conditions and inflation expectations – food and fuel inflation – edged up in November.
“Accordingly, the MPC (Monetary Policy Committee) decided to keep the policy repo rate on hold,” the fifth bi-monthly monetary policy statement said.
“The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent… while supporting growth,” it added.
Official data last month showed that India’s annual rate of inflation based on wholesale prices (wholesale price index) rose to 3.59 per cent in October due to an exponential rise in food prices.
In addition, the consumer price index (CPI), or retail, inflation for October rose to 3.58 per cent from 3.28 per cent in September.
The decision was taken by the six-member MPC headed by RBI Governor Urjit R. Patel. Five members of the panel voted in favour of maintaining the key lending rate.
At its two previous policy reviews, the central bank had kept its repo, or repurchase rate, unchanged at 6 per cent.
On the growth outlook, the RBI retained a real GVA (gross value added) growth, which includes taxes, for 2017-18 at 6.7 per cent, “with risks evenly balanced”.
On the positive side, the RBI said there there had been some pick up in credit growth in recent months.
“Recapitalisation of public sector banks may help improve credit flows further,” the policy statement said.
“In the MPC’s assessment, capital raised from the primary capital market has increased significantly after several years of sluggish activity. As the capital raised is deployed to set up new projects, it will add to demand in the short run and boost the growth potential of the economy over the medium-term,” it said.
At the media briefing following the announcement, RBI Governor Urjit Patel said he did not foresee any credit shortage that as demand grows and the economy picks up.
“Our latest data on bank credit shows we’re on the uptick on credit growth. There is more credit flowing in than at the time of our last policy review in October,” he said.
The Monetary Policy Committee also decided to continue with its neutral stance.
Elaborating on this, Patel said the macro data since October did not warrant a change in the RBI neutral outlook.
“Data flow will determine what we do on policy. All possibilities are open as we look at the inflation as well as growth data in the coming months.”
However, the RBI’s decision belied investors’ expectations.
The two key indices — S&P BSE Sensex and NSE Nifty50 — traded deep in the red just minutes after the RBI came out with its fifth monetary policy review.
The BSE Sensex dropped by almost 200 points while the wider NSE Nifty50 fell by over 70 points.
Nearing the close of trade on Wednesday, the wider Nifty50 of the National Stock Exchange (NSE) fell by 71.15 points or 0.70 per cent to trade at 10,047.10 points.
–IANS
ppg-rv-bc/bg/mr
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.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
