This was the first monetary policy statement of the new RBI governor Urjit Patel
GN Bureau | October 4, 2016
In the fourth bi-monthly monetary policy statement, the Reserve Bank of India’s monetary policy committee (MPC) reduced the repo rate by 25 basis points, from 6.5 percent to 6.25 percent. The MPC, headed by the newly appointed RBI governor Urjit Patel, said that its decision was “consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 percent by Q4 of 2016-17 and the medium-term target of 4 percent within a band of +/- 2 per cent, while supporting growth”.
The committee, which has three eminent economists as independent members, said it expected that the strong improvement in sowing, along with supply management measures, would improve the food inflation outlook. “The government has announced several measures to cool food inflation pressures, especially with regard to pulses. These measures should help in moderating the momentum of food inflation in the months ahead,” the MPC said.
The committee added that the momentum of growth is expected to quicken with a normal monsoon raising agricultural growth and rural demand, as well as by the stimulus to the urban consumption spending from the pay commission’s award. “The accommodative stance of monetary policy and comfortable liquidity conditions should support a revival of credit to the productive sectors,” it said.
Road accidents are possibly the biggest invisible killers, claiming more lives than terrorism, cancer or any other factor. In 2015, there were about five lakh road accidents in India, which killed about 1.5 lakh people and injured about five lakh people, writes Prachee Mishra in a note published by PRS Leg
A memorandum of understanding for supply of petroleum, oils, and lubricants (POL) products was signed between Indian Oil Corporation Limited (IndianOil) and Nepal Oil Corporation (NOC) in the presence of petroleum minister Dharmendra Pradhan. The new supply agreement
The government has told the supreme court that the Lokpal cannot be appointed because the 2013 law needs several amendments, which will be taken up only in the monsoon session. The Narendra Modi government began its innings by
Our heads must hang in shame over the attack on five African students in Greater Noida – for it was no ordinary assault. It was an attack on our Indian sensibilities. It showed our rabid intolerance, a dark side that remains hidden behind flowery ideals of peace and secularism.
In what could be seen as a first of its kind initiative by any corporate to scale Mount Everest, petroleum minister of state, Dharmendra Pradhan flagged off the ONGC Everest Expedition today at at India Habitat Center in New Delhi. The entire team of ONGC has been tra
For the first time, India has exported more electricity than what it has imported, said the Central Electricity Authority, the designated authority for cross border trade of electricity. During the current year 2016-17 (April to February 2017), India has exported ar