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RBI keeps interest rates unchanged; cuts GDP growth forecast to 9.5 percent

Amid the growing uncertainty over the Covid-19 pandemic, the Reserve Bank of India (RBI) on Friday has kept the interest rates unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target.

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Shaktikanta Das

Amid the growing uncertainty over the Covid-19 pandemic, the Reserve Bank of India (RBI) on Friday has kept the interest rates unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target.

The central bank has kept the repo rate at 4 percent and the reverse repo rate unchanged at 3.35 percent. It has also projected real GDP growth of 9.5 percent for the financial year 2021-22, against the estimated rate of 10.5 percent, due to the impact of the second Covid wave. 

This is the sixth consecutive time rates have been unchanged. At the end of the three-day Monetary Policy Committee (MPC) meeting that started on Wednesday, RBI Governor Shaktikanta Das said the resilience of the agricultural sector, forecast of normal monsoon and the gathering global economic momentum will help the domestic economy as the second wave of the pandemic tapers off.

The MPC was of the view that at this juncture, policy support from all sides is required to regain the momentum of growth that was evident in H2:2020-21 and to nurture the recovery after it has taken root, the RBI governor said. The central bank will open a special liquidity window of ₹ 15,000 crore till March 30, 2022, with tenors of up to three years at the repo rate, the RBI Governor added.

Read Also: Amid Covid 3rd wave scare, AIIMS chief says Pfizer coming in India for kids will boost Covid vaccination for adults too

On inflation at 4.3 percent, RBI Governor Das said, it has brought with it some relief and policy elbow room. A normal south-west monsoon along with comfortable buffer stocks should help to keep cereal price pressures in check. On the other hand, the rising trajectory of international crude prices within a broad-based surge in international commodity prices and logistics costs is worsening cost conditions, he said.

India News

AAP leader Saurabh Bharadwaj says a conspiracy is underway for slow death of Arvind Kejriwal

Saurabh Bharadwaj also slammed the Tihar administration, BJP, Centre and Delhi LG and held them responsible for denying insulin to Kejriwal and said the Delhi Chief Minister has been suffering from Type-2 diabetes for the last 20-22 years.

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The Aam Aadmi Party on Saturday said that Delhi Chief Minister Arvind Kejriwal is being pushed towards a slow death inside Tihar jail as he is being denied insulin and consultations with his doctor.  AAP spokesperson Saurabh Bharadwaj told the media that Arvind Kejriwal, who is suffering from Type-2 diabetes, has been asking for insulin and a video conferencing with his family doctor as the jail administration is not allowing him to do so.

Bharadwaj said he wants to say with full responsibility that a conspiracy is underway for the slow death of Kejriwal. He said his claims were on the basis of blood sugar readings of the Delhi Chief Minister in jail. He also slammed the Tihar administration, BJP, Centre and Delhi LG and held them responsible for denying insulin to Kejriwal and said the Delhi Chief Minister has been suffering from Type-2 diabetes for the last 20-22 years.

On Friday, the Delhi chief minister’s council Senior advocate Abhishek Manu Singhvi said Kejriwal has not been administered insulin to control his sugar levels since his arrest, and termed it alarming and shocking. The Enforcement Directorate had on Thursday claimed before the court that Kejriwal has been taking high sugar intake by consuming foods like mangoes and sweets every day, inspite of the fact that he was suffering from Type-2 diabetes, to create grounds for medical bail.

Kejriwal refuted the claims of the Enforcement Directorate by asserting before a court that the food he consumed was in accordance with the diet chart prepared by his doctor. Arvind Kejriwal confirmed that he only uses sugar free in his tea.

Bharadwaj further added that overall, it was a conspiracy to give a slow death to Arvind  Kejriwal so that his multiple organs get damaged and when he comes out of jail after 2-4 months he goes for the treatment of heart, kidney and other organs.

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2024 Lok Sabha Elections

Rahul Gandhi says BJP will not get more than 150 seats in Lok Sabha elections

Congress leader Rahul Gandhi said these BJP people are saying that they will secure this many or that many seats and but he wanted to make it clear that BJP will not get more than 150 seats.

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With completion of the first phase of the Lok Sabha elections yesterday, the stage is set for the 2nd phase of the Lok Sabha elections, which has lead the political parties to intensify and accelerate campaigning. Congress leader Rahul Gandhi too, with his eyes set on the 2nd phase was addressing a public rally at Bihar’s Bhagalpur on Saturday.

Addressing the rally, Congress leader Rahul Gandhi and said these BJP people are saying that they will secure this many or that many seats and but he wanted to make it clear that BJP will not get more than 150 seats.

Rahul Gandhi expressed his confidence that the I.N.D.I.A. Bloc will emerge victorious in the Lok Sabha elections. He also stressed on the party’s vision for INDIA once elected to power. Rahul Gandhi said, As soon as the INDIA alliance government comes, they will end the Agniveer scheme. He said India does not need two types of martyrs and added that everyone should get pension.

Gandhi further added that they will change GST and there will be one tax, minimum tax. He also talked about doubling the salary of Asha and Anganwadi workers. Gandhi said they are giving 2 guarantees to the farmers. The Congress party is going to waive off the farmers’ debts, and secondly, they are going to provide a guaranteed minimum support price to the farmers of India.

Congress leader even promised that his government would provide all diploma holders and graduates in India with the right to an apprenticeship. During the second phase of the Lok Sabha elections which are scheduled to be held on April 26, 4 constituencies in Bihar, including, Kishanganj, Bhagalpur, and Purnia ,Katihar will go for elections.

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2024 Lok Sabha Elections

RJD leader Tejashwi Yadav says BJP’s 400 paar film has become a super flop on the first day itself

Tejashwi Yadav said the INDIA Bloc had held block wise meetings and the feedback that has come is very good that the BJP’s 400 paar film has flopped on day 1 of the Lok Sabha elections. He said the people of Bihar are aware and will teach BJP a lesson.

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After the first phase of the Lok Sabha election got completed, Rashtriya Janata Dal (RJD) leader Tejashwi Yadav on Saturday took a dig at the Bharatiya Janata Party and said that the BJP’s 400 paar film has become a super flop on the first day itself. The RJD leader told that the media that there is no competition in the first phase of the elections as Bihar will give shocking results this time.

Yadav added that the Mahagathbandhan is winning all 4 seats in the first phase. He said the INDIA Bloc had held block wise meetings and the feedback that has come is very good that the BJP’s 400 paar film has flopped on day 1 of the Lok Sabha elections. He said the people of Bihar are aware and will teach BJP a lesson.

Tejashwi Yadav said there is no competition in the first phase. He said the people of Bihar will give shocking results this time. He added the BJP government has not done anything for the people of Bihar. He said the promises made by Modi ji in 2014 and 2019 were not fulfilled. Yadav added the public is tired of BJP’s statements and false promises. He said the opposition has promised that they will give a special package to Bihar along with special status.

Tejashwi Yadav said today the rally is with Rahul Gandhi ji in Bhagalpur. The entire INDIA Bloc and the Mahagathbandhan are working together. The RJD leader pointed out that unemployment is the biggest issue in Bihar. He said other important issues being faced by the people of Bihar are poverty, inflation, investment in the state. He said Migration and floods are also issues which need to be looked at.  He added the people of BJP are very worried. He said the people of BJP say that they will abolish the Constitution. He said those who destroy the Constitution will themselves be destroyed.

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