While the BJP said it has only portrayed some incidents, which happened during the previous Congress regime through the cartoons which are not meant to hurt anyone, the grand old party accused it of releasing such illustrations out of frustration.
To cut interest rates, the central bank head has to open up a debate on inflation target revision.
The government seemed unhappy with Raghuram Rajan's interest rate policy.
The Reserve Bank of India on Thursday opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.
'I am shocked that the BJP makes so many commitments. What did they deliver as the NDA?'
It further pointed out that the twin balance sheet problem -- at the end of banks and corporate -- more attractive interest rates for borrowers in the bond market and from non-banking financial institutions are other reasons for slow bank credit growth.
'If all goes well, we may well hit or even surpass the forecast growth rate.'
The inflation numbers are still within the five per cent annual target of the Reserve Bank, which is due to review the monetary policy on July 31.
In a scathing attack on Prime Minister Narendra Modi, former prime minister Manmohan Singh on Thursday accused him of lowering the dignity of public discourse and the gravity of the office of the PM by giving "hateful speeches" during the poll campaign.
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Growth in China's consumer inflation slowed than market expectation to 1.6 per cent in September, the lowest since January 2010, according to the official data released on Wednesday.
The RBI cut the rate several times last year to reduce it by 125 basis points to the current 6.75 percent.
Inflation stood at 5.48 per cent in the previous week and 4.56 per cent in the corresponding period of the previous year.
RBI Governor Raghuram Rajan is expected to express that cautiousness as he looks to manage expectations.
Infrastructure and inflation targeting are expected to be top priorities for the new Reserve Bank of India governor, says A V Rajwade.
Rajan retained the short-term lending rate at 6.5 and the cash reserve requirement of banks at 4 per cent.
The ministry sought to allay the rating agency's concerns and said economic growth was on an upward swing.
The banking system liquidity bounced back to surplus mode after three weeks, the Reserve Bank of India (RBI) data showed. This was due to government spending, according to dealers. The liquidity situation could further ease with the disbursement of the last tranche of incremental cash reserve ratio (I-CRR) worth Rs 50,000 crore on Saturday.
RBI watchers are going to be on tenterhooks for the next 3 weeks.
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
Markets gave up most of the gains made in previous session as traders' dumped frontline IT shares after Infosys reported 17% jump in net profit y-o-y, trailing street expectations.
On the back of sound macroeconomic policies and softer commodity prices, India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, said the Reserve Bank's annual report released on Tuesday. It, however, added that slowing global growth, protracted geopolitical tensions and a possible upsurge in financial market volatility following new stress events in the global financial system could pose downside risks to growth. "On the back of sound macroeconomic policies, softer commodity prices, a robust financial sector, a healthy corporate sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains, India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures," it said.
Inflation trajectory does not match the slump in demand, prolonged pause on rates likely.
For August, CRISIL core inflation indicator stood at 3.6 per cent, a tad higher than RBI's measure.
Campaigning ended on Wednesday evening for 102 Lok Sabha seats across 21 states and Union territories which will go to polls in the first phase on April 19 with top leaders of the Bharatiya Janata Party-led National Democratic Alliance and the opposition Indian National Developmental Inclusive Alliance (INDIA) making a last-gasp effort to woo voters.
The RBI is expected to build reserves so the source of primary liquidity creation is backed by forex reserves.
So far, inflation outcomes have closely tracked these projections.
'Urjit Patel's appointment is a right decision and in the interest of the country.'
Leaders of several Indian National Developmental Inclusive Alliance (INDIA) parties met on Saturday to take stock of the opposition's preparations leading up to the June 4 counting of votes polled in the Lok Sabha elections, and claimed they will get more than 295 seats, enough for them to form the next government.
The former Congress president alleged that PM Modi had a "monopoly over corruption".
Most economists feel the RBI has room for a 25-basis point cut, having met inflation targets comfortably
In a recent note, the global brokerage firm said India now commands a weight of 19 per cent in the above-mentioned portfolio as compared to 18.2 per cent in September 2023. India, it said, is a large liquid market and remains a counter-weight to North Asia if a slowdown in the West occurs and China's recovery disappoints.
This period of strong growth not only offers opportunities but also calls for strategic considerations to ensure sustainable development and equitable prosperity in the years to come, suggests Sujan Hajra.
Bharatiya Janata Party leader Maneka Gandhi on Saturday indicated that her son Varun Gandhi's writings that were sometimes critical of the government may have cost him the party's Lok Sabha ticket from Pilibhit but asserted that he would do very well even without it.
Referring to the proposed new monetary policy framework, it said in the weeks ahead, government and RBI will work towards it.
In nearly 100 seats, the BJP stands almost no chance of winning. In 200 seats, it is a direct fight between the BJP and the Congress where the BJP has an upper hand. In 243 seats, the BJP is pitted against regional parties and it is not going to be easy. That is why 400 seats may end up as a pipe dream, states Ramesh Menon, author of Modi Demystified: The Making of a Prime Minister.
Consumer prices rose an annual 5.11 per cent (2012 base) in January.
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The Reserve Bank's rate-setting panel, Monetary Policy Committee (MPC), began its three-day deliberations on Wednesday amid expectations of a status quo on benchmark rate mainly on account of uncertainty over the impact of the second wave of COVID-19 pandemic. Moreover, the fears of firming inflation may also refrain the MPC from tinkering with the interest rate in its bi-monthly monetary policy outcome to be announced on Friday. The RBI had kept key interest rates unchanged at the last MPC meeting held in April.
The Reserve Bank on Wednesday hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation. This is the sixth time interest rate has been hiked by the Reserve Bank of India (RBI) since May last year, taking the total quantum of hike to 250 basis points. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) by a majority decided to raise the policy repo rate by 25 basis points and keep a 'strong vigil' on inflation outlook.
