The RBI is likely to reduce the key interest rate by 25 basis points this week after keeping it on hold for two years, complementing the Union Budget initiatives to push consumption-led demand, though the sliding rupee continues to be a concern. As the retail inflation has remained within the Reserve Bank's comfort zone (less than 6 per cent) for most of the year, the central bank can take rate action to boost growth hit by sluggish consumption, opined experts.
P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
The Reserve Bank should focus on making liquidity easier rather than cutting rates if the intent is to drive growth, Axis Bank's chief economist Neelkanth Mishra said on Tuesday. Mishra, who is also a part-time member of the Economic Advisory Council to the PM, said the rate cut announced earlier this month or even the subsequent ones if they were to come will not end up increasing borrowings as the scarce liquidity will hamper transmission.
Among the 30-share Sensex blue-chip pack, Bharti Airtel, ITC, Kotak Mahindra Bank, Hindustan Unilever, Titan, UltraTech Cement, HCL Technologies, and Power Grid, were the biggest gainers. Tata Steel, IndusInd Bank, JSW Steel and Bajaj Finserv were the laggards.
State Bank of India, Adani Ports, Tata Consultancy Services, ICICI Bank, Reliance Industries and PowerGrid were also among the laggards.
Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
From CEOs to RBI governors, cricket's rich imagery and strategy resonate deeply with leadership, uncertainty, and decision-making across industries and global diplomacy, points out Suveen Sinha.
Towards the end of February, the Reserve Bank of India (RBI) restored the risk weighting on banks loans to non-banking financial companies (NBFCs; including to microfinance institutions, or MFIs) to 100 - back to its November 2023 position - from 125. It is only a partial relief though. "Higher risk weighting on unsecured lending continues to be in place while the same on bank funding to NBFCs has been done away with. "This is a positive step by RBI," says Rajiv Sabharwal, managing director (MD) and chief executive officer (CEO), Tata Capital.
Wholesale price based inflation declined to a 3-month low of 1.89 per cent in November on cheaper food items, and experts predicted a 0.25 per cent interest rate cut by the RBI in the policy review in February. The Wholesale Price Index (WPI) based inflation was 2.36 per cent in October 2024. It was 0.39 per cent in November, last year. In August, 2024, it was 1.25 per cent.
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
Manish Malhotra's Diwali Party had the who's who of Bollywood in attendance.
Bhumi feels pretty... Jackie Shroff with the 'asli' Bidhu...Huma-Saqib go to a wedding...
Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
Finance Minister Nirmala Sitharaman is likely to hold pre-budget consultations with industry chambers on June 20, sources said. The budget for 2024-25 fiscal is likely to be presented in Parliament in the second half of July. Industry sources said the pre-budget consultation with Sitharaman would be preceded by a meeting with Revenue Secretary Sanjay Malhotra on June 18.
The recent depreciation of the rupee along with sharp fall in the country's foreign exchange (FX) reserves has sparked a debate whether stability of the exchange rate is necessary and desirable. The rupee was one of the least volatile currencies among peers for almost two years before the current downward pressure started in September after the US Federal Reserve lowered interest rate.
Clad in gold, the ever youthful star looked glamorous as always.
'Innocent lives lost. Tourists, families, people who were just... living. Seeking beauty. Seeking peace. And now there's only grief.'
Anil Kapoor's wife Sunita Kapoor hosted her annual Karva Chauth party for her friends, and the ladies in well, mostly red, made striking images on social media.
'If it doesn't, it will continue with measures to infuse liquidity, signalling a new cycle,' predicts Tamal Bandyopadhyay.
It will also be new Revenue Secretary Sanjay Malhotra's first GST Council meeting. He will take charge after the incumbent Tarun Bajaj retires on November 30.
'I couldn't see the injury but I knew it was bad from the expression on Aamir's face.'
Film folk attended the Ganesh Chaturthi celebrations at Nita and Mukesh Ambani's residence, Antilia, in Mumbai.
Aaliya Kashyap and Shane Gregoire had a starry reception on Wednesday evening.
So many movies are coming up for release in 2025!
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
All her public appearances are marked by trademark glitter and glow, of which her opulent collection of Kanjivarams and Benarasis are Sukanya Verma's absolute favourite.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
'Had anyone asked me if I was Aamir Khan, I would have admitted to it.' Senior movie journalist Roshmila Bhattacharya flips through the pages of her many interactions with Aamir Khan, who turned 60 on March 14.
Brokers believe that the higher charges may not completely deter investors from taking bets in F&O but could help cool down some activity, as the threshold to break even rises.
Some of the star guests at the wedding.
The special screening of Janhvi Kapoor's new film Ulajh had a special guest: An evergreen diva, who continues to look ageless.
The GST Council on Saturday clarified that guarantees provided by corporate to their subsidiaries will attract an 18 per cent GST, while no tax will be levied if a personal guarantee is given by a director to the company. The council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state ministers, also cut the GST rate on molasses to 5 per cent from 28 per cent. It also ceded the right to tax Extra Neutral Alcohol (raw product for making alcohol for human consumption) to the states.
Manish Malhotra's father Suraj passed away at the age of 91 after being unwell for a while.
Riteish-Genelia visit a salon... Neha steps out... Karan-Bipasha spread love...
Three industry bodies suggested changes in India's tax regime in their pre-Budget discussions with Revenue Secretary Sanjay Malhotra in New Delhi on Tuesday. The bodies - Confederation of Indian Industry (CII), PHD Chamber of Commerce and Industry (PHDCCI), and Federation of Indian Chambers of Commerce & Industry (FICCI) - held separate meetings with Malhotra during the day and put across their suggestions for the upcoming Budget.
Film folk have been very busy this year, attending trailer launches and promotional events. Hitesh Harisinghani/ Rediff.com vouches for that, as he recaps 2024 with his insightful clicks.
The who's who of Bollywood made sure to attend Sanjay Leela Bhansali's magnum opus Web series, Heeramandi: The Diamond Bazaar.
Department of financial services secretary Sanjay Malhotra held a meeting with heads of PSBs, insurance companies and financial institutions for identifying ways to support Agniveers on completion of their tenure of duty.
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