With the setting of MPC, the interest rate setting powers would move from RBI Governor to the panel.
After opting for status quo in policy rates, Reserve Bank Governor Raghuram Rajan on Tuesday said any more cut will depend on further transmission of previous rate cuts by banks, softening in inflation and progress of monsoon.
The Reserve Bank of India's rate-setting panel will go for a 0.35 per cent hike in the key repo rate at its meeting next week, an American brokerage said on Wednesday. The hike will be accompanied by a change in the policy stance to "calibrated tightening", Bofa Securities said in a report published ahead of the Monetary Policy Committee (MPC) resolution which is set to be announced on August 5. RBI has hiked the rate by a cumulative 0.90 per cent in two tightening moves in May and June, responding to the runaway headline inflation which has consistently overshot the upper end of the target set for the central bank for many months.
Patel urges government to rein in borrowings, inflation
Moody's Investors Service on Thursday slashed India's economic growth projection for 2022 to 7.7 per cent, saying that rising interest rates, uneven monsoon, and slowing global growth will dampen economic momentum on a sequential basis.
The Reserve Bank of India on Friday raised the benchmark lending rate by 50 basis points to 5.40 per cent to tame inflation.
Modi launched a scathing attack on the Congress alleging that the opposition party has become outdated and has always been against any kind of reservation.
Though on a downward curve, economists warn of inflationary pressures still existing in the system which might prevent the Reserve Bank from going in for rate cuts over the next three months. "The RBI is targeting an inflation level of 5-5.5 per cent. If, however, it continues to remain in double digits till January, then the tight monetary policy would continue," Crisil Director and Principal Economist D K Joshi said.
What's different this time is that global financial stress -- which has its genesis in four policy choices made in recent years -- is juxtaposed with a more resilient real economy, observes Sajjid Z Chinoy, chief India economist at J P Morgan.
Unfazed by the rising inflation at over 6.0 per cent, Finance Minister Jaswant Singh said on Wednesday that the government was confident it would be contained at 4-4.5 per cent annual average by March end, as projected by the Reserve Bank of India.\n\n
The World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 per cent for 2022-23, from 6.5 per cent earlier.
The government on Tuesday announced a Rs 200 per cylinder cut in prices of domestic cooking gas as it looked to counter the cheaper LPG promise of the Congress in upcoming assembly elections in states like Madhya Pradesh.
While analysts predicted the Sensex to cross 30,000 in 2016, the index currently stands 12% lower at 26,400.
Sticking onto his stance of calling the allegations against him 'false', AAP leader Manish Sisodia in his resignation letter said that it is unfortunate that despite working with honesty and truthfulness continuously for eight years, corruption charges are being levelled against him.
Rajan had overturned the majority opinion of the members and chose to hold the rates at the last monetary policy review in October.
The Sensex is likely to scale 24,000 mark by December-end on receding chances of a fractured verdict in the upcoming Lok Sabha elections, lower inflation and improving global risk appetite, German brokerage Deutsche Securities said on Tuesday.
The RBI governor most famous oneliners -- 'I am Raghuram Rajan and I do what I do' -- that eventually summed up the year 2015 for the central bank
In the Budget speech, Arun Jaitley had first spoken about the need to have a range.
The surge in inflation is a major cause of concern even for giants like the United States and China and rich nations like Britain and Singapore.
India's August industrial output rose just 0.4 per cent compared with 2.4 per cent estimated in a Reuters poll.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
The report also described the RBI as an "extremely visionary, pragmatic and fairly independent" organisation throughout its history
Large Indian IT services companies are expected to report "muted" sequential show in a traditionally strong second quarter, as macroeconomic challenges continue to weigh on global discretionary spending, say market watchers. The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18.
Since 1993, when the BJP came to power after a stint of President's rule, the state has alternated between the Congress and the BJP.
Factory output in June likely rose 5.4 per cent from a year earlier, faster than the 4.7 per cent growth in May, according to a poll of 27 economists.
Indications are that the DMK combine will win more seats than the AIADMK and BJP, but is facing a tough fight in about half a dozen from the rest, predicts N Sathiya Moorthy of the electoral contest in Tamil Nadu.
Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy.
Improved credit profile may make you eligible to transfer your existing home loan to another lender at a much lower rate.
The Asian Development Bank (ADB) on Wednesday slashed India's GDP growth forecast for FY23 to 7 per cent from the earlier estimate of 7.2 per cent mainly on account of higher inflation and a tight monetary policy. India's economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in its second supplement to Asian Development Outlook Report 2022 (ADO 2022). "However, GDP growth is revised down from ADO 2022's forecasts to 7 per cent for FY2022 (ending March 2023) and 7.2 per cent for FY2023 (ending March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports," ADB said.
He will presumably choose to remain true to the framework he has put in place.
Reserve Bank of India (RBI) on Friday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance despite rising inflation. This is the 11th time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020 in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.
'I want us not to underestimate Indian voters. They can tell good work from bad.'
Consumer food price inflation eased to 6.14%.
Reserve Bank of India Governor Shaktikanta Das on Friday said the country's economy is an island of stability despite two Black Swan events and multiple shocks. "In an ocean of high turbulence and uncertainty, Indian economy is an island of macroeconomic and financial stability," Das told reporters during the post policy press conference. He said the financial stability, macroeconomic stability and resilience of growth is being witnessed despite two Black Swan events happening one after the other and multiple shocks.
October infrastructure output, which contributes nearly 38 per cent to the industrial output index, was up 3.2 per cent annually.
'Returns can be very variable in equity markets.' 'That is why I tell small investors don't put 100 per cent of your money in equities, even if you are young.'
Former deputy chief minister Sachin Pilot on Tuesday alleged that the Bharatiya Janata Party government at the Centre had 'failed in every field' and claimed if the Congress wins in upcoming state elections, then the Indian National Developmental Inclusive Alliance (INDIA) will form a coalition government in 2024.
Although there is headroom for further monetary policy action, at this juncture it is important to keep our arsenal dry and use it judiciously: RBI's Das.
Full capital convertibility means a foreign investor can repatriate his money into his own local currency at will.
The benchmark indices have rallied 28 per cent this year, while the broader market has outperformed
