Uncertainty is emerging as the only certainty, said RBI Governor Shaktikanta Das as he emphasised on continued policy support at the December MPC meet during which members expressed concerns over spread of the Omicron variant of coronavirus, as per the minutes of the rate-setting panel released on Wednesday. After three days of deliberations, the six members of the Monetary Policy Committee (MPC) on December 8 unanimously voted for status quo on policy rates for the ninth consecutive time. At the meeting, the RBI Governor said risks stalking the global economy have amplified with rapid spread of the virus mutations, including the Omicron variant, leading to countries scrambling for restrictions.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
India's macroeconomic situation is improving fast and the country's GDP growth will turn positive in the third and fourth quarters of the current financial year, eminent economist Ashima Goyal said on Sunday. Goyal in an interview to PTI said the management of the COVID-19 pandemic and gradual unlocks announced by the government have helped in avoiding multiple COVID-19 peaks. The growth estimates by different agencies are being continuously revised, she said.
'For the RBI, it is also strategic to allow the rupee to over-depreciate, then come and buy the rupee, and benefit from its appreciation. Speculators who have driven the rupee too low then make losses,' says Ashima Goyal.
The plan could mature into either an umbrella programme for urban youths similar to the Garib Kalyan Rozgaar Abhiyaan or a modified urban-focused version of MGNREGS.
Economic Advisory Council to the Prime Minister has identified ten themes, including economic growth and job creations that need attention.
The Reserve Bank of India (RBI) on Friday decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying rate cuts in the future if need arises to support the economy hit by the Covid-19 pandemic.
The council wants the government to stick to its fiscal consolidation road map.
'People know if inflation is not within the tolerance band, then action will be taken so they do not expect inflation to rise above that.'
Economists have asked Finance Minister Arun Jaitley to lower interest rate, rationalise subsidies, remove all cess and surcharge, do away with the retrospective tax amendments and scrap dividend distribution tax to revive investment cycle and promote growth.
It is time the government cast its net wide for seeking expert advice on managing the Indian economy and formed a group to help it navigate the difficult days ahead, advises A K Bhattacharya.
RBI unsure whether to cut rates or not in its next monetary policy.
MCX-SX on Friday said the rights issue would now close on April 17.
Bank credit growth, still sluggish, could see a rise if the Reserve Bank of India decides to cut interest rates, believes Ashima Goyal.
RBI Governor Raghuram Rajan has said falling oil prices act as a cushion for CAD, adding it is time India does away with restrictions on gold imports
Flexibly targeting inflation is consistent with a demand stimulus, says Ashima Goyal.
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