English हिन्दी
Connect with us

India News

Relief for borrowers as RBI slashes repo rate by 50 basis points

The Reserve Bank of India has cut the repo rate by 50 basis points to 5.5%, promising relief for borrowers and boosting optimism in the real estate market.

Published

on

Reserve Bank of India

In a significant move aimed at stimulating economic activity and easing the financial burden on borrowers, the Reserve Bank of India (RBI) has announced a 50 basis point cut in the repo rate, bringing it down to 5.5%. This decision, taken unanimously during the Monetary Policy Committee (MPC) meeting held from June 4 to 6, exceeds market expectations and is being seen as a proactive measure to support growth amid a softening inflation environment.

Major takeaway for homebuyers and borrowers

This steeper-than-expected rate cut is set to ease equated monthly installments (EMIs) on long-term loans, particularly home loans. With lending costs likely to fall, banks and financial institutions are expected to pass on the benefit to consumers, making borrowing more affordable. This move is especially encouraging for prospective homebuyers in the mid-income segment, who stand to gain from lower interest payments.

RBI outlook: Steady growth, easing inflation

RBI Governor Sanjay Malhotra explained that despite a fragile global economic backdrop and downward revisions in international trade forecasts, the Indian economy continues to show resilience. “India’s strength comes from the strong balance sheets of five major sectors. We are already growing fast and aspire to grow faster,” he remarked.

Inflation has remained within RBI’s comfort zone, with retail inflation falling to 3.16% in April from 3.34% in March. The central bank now projects the retail inflation for the current financial year at 3.7%, an improvement from its earlier forecast of 4%. Food inflation remains soft, and core inflation is expected to stay benign.

CRR reduction adds liquidity

In another key decision, the RBI also reduced the cash reserve ratio (CRR) by 100 basis points, effectively releasing ₹2.5 lakh crore into the banking system. This is likely to enhance liquidity and improve the capacity of banks to lend.

Sectoral impact: Real estate gets a boost

The real estate sector has welcomed the rate cut. According to experts, the move is likely to strengthen homebuyer sentiment, drive enquiries, and lead to an uptick in residential property sales, especially in urban markets. Vimal Nadar of Colliers India noted that the reduced borrowing costs could significantly improve affordability in mid-income housing.

Piyush Bothra, co-founder of Square Yards, highlighted that the decision will give developers confidence to launch new projects, particularly in low-to-mid housing segments. “A 50-bps reduction will translate into meaningful EMI savings,” he said.

India remains attractive for investors

Governor Malhotra underscored India’s appeal to global investors, noting that the country’s forex reserves stand at $691 billion—enough to cover over 11 months of goods imports. Key economic indicators including discretionary spending, private consumption, and industrial activity remain robust, he added.

While maintaining the GDP growth projection at 6.5% for the current financial year, the RBI outlined quarterly growth expectations as follows: 2.9% (April-June), 3.4% (July-September), 3.9% (October-December), and 4.4% (January-March).

India News

Luthra brothers booked Thailand tickets as Goa nightclub burned, probe reveals

Investigators say Saurabh and Gaurav Luthra booked Thailand tickets while emergency teams battled the Goa nightclub fire that killed 25 people, sparking deeper scrutiny of their actions.

Published

on

Investigators probing the Goa nightclub fire that claimed at least 25 lives have uncovered crucial digital evidence showing that owners Saurabh and Gaurav Luthra booked their Thailand tickets while emergency teams were still battling the blaze at the Arpora establishment.

According to officials, the brothers logged into the MakeMyTrip platform at 1:17 am on December 7, even as rescue teams were attempting to save people trapped inside the burning nightclub. Hours later, immigration records confirmed that they boarded IndiGo flight 6E 1073 from Delhi to Phuket, departing at 5:30 am.

Transit bail plea in Delhi court

The Luthras’ anticipatory transit bail application came up before the Rohini Court on Wednesday. The plea sought four weeks’ protection from arrest, besides interim relief to facilitate their return from Thailand without immediate detention.

Meanwhile, co-owner Ajay Gupta—earlier untraceable and placed under a Look Out Circular—was taken into custody in Delhi and produced before a magistrate. Goa Police are expected to fly him back for further questioning. Another co-owner, Surinder Kumar Khosla, is also under an LOC.

SIM card issued in ex-driver’s name

Investigators found that the mobile number used by the Luthra brothers was linked to a SIM card issued in the name of Ram Hari Singh, a former driver of the family. When a media team visited the address associated with the number, Singh was not present.
He later stated that he had worked for Siddharth Luthra until the COVID-19 lockdown in 2020 and had no contact with the family for five years, adding he was unaware that any SIM existed in his name.

Missing luxury vehicles, deserted Goa home

Sources said the family previously owned three vehicles until 2020, but by the time the brothers fled, they reportedly had more than four luxury cars, all of which are now untraceable. Police are probing whether the vehicles were moved deliberately before their departure.

The Luthras’ recently built house in Goa—constructed at significant cost—has remained locked since the fire incident. Only a dog was found inside when authorities visited the property.

An Interpol Blue Corner Notice remains active against both brothers as the investigation continues.

Continue Reading

India News

Shashi Tharoor declines Veer Savarkar award, questions handling of organisers

Shashi Tharoor declined the Veer Savarkar International Impact Award, criticising organisers for announcing his name without consent and citing absence of clarity about the honour.

Published

on

Congress MP Shashi Tharoor has declined the Veer Savarkar International Impact Award 2025, taking a sharp swipe at the organisers for announcing his name without prior consent. Tharoor said he was neither informed about the honour nor provided clarity on the nature of the award or the organisation presenting it.

Tharoor cites lack of clarity, calls announcement ‘irresponsible’

Tharoor said he first heard about the award through media reports while he was in Kerala. Responding to questions on whether he would attend the ceremony, he made it clear that he had not agreed to receive the award at any stage.
He later reiterated online that without details about the award or the NGO behind it, “the question of attending or accepting it does not arise.”

The award — instituted by the High Range Rural Development Society (HRDS) — was to be presented at an event inaugurated by Defence Minister Rajnath Singh in Delhi. Tharoor was named the inaugural recipient.

Calling out the organisers, he said it was “irresponsible” to publicise his name without confirmation.

Congress leaders term award unacceptable

Senior Congress leader K Muraleedharan said that no party member should accept an award named after Veer Savarkar, arguing it would “embarrass the Congress.”
The BJP and its ideological allies regard Savarkar as a revolutionary figure, while the Congress has consistently questioned his legacy.

Tharoor, however, refrained from commenting on Savarkar, though his refusal indicates a line he is unwilling to cross despite recent tensions with his party.

Recent remarks kept Tharoor in spotlight

Tharoor has lately drawn attention for comments perceived as critical of Congress functioning, including his remarks about disruptions in Parliament. Yet, he said he remains committed to the party.
“I went to great trouble to get elected… it would take considerable thought to be anything else,” he told media recently.

Continue Reading

India News

Amit Shah, Rahul Gandhi clash in Lok Sabha as debate on electoral reforms turns heated

A fiery confrontation broke out in the Lok Sabha as Amit Shah and Rahul Gandhi clashed over voter list irregularities, historical allegations, and the Special Intensive Revision process, leading to an Opposition walkout.

Published

on

Amit Shah

Union Home Minister Amit Shah and Leader of the Opposition Rahul Gandhi were locked in a sharp confrontation in the Lok Sabha during the ongoing debate on electoral reforms. The exchange intensified when Gandhi challenged the Home minister to engage in a direct debate over his press conferences alleging irregularities in voter lists.

Shah counters allegations over voter rolls

During his address, Amit Shah criticised the Opposition for raising doubts about existing voter lists while simultaneously objecting to the Special Intensive Revision (SIR) process. He remarked that concerns over voter rolls often emerged only when the Opposition performed poorly in elections. Taking aim at Gandhi’s earlier briefings on alleged discrepancies—one of which had been described as a “Hydrogen Bomb”—Shah accused certain political families of practicing “generational vote theft”.

As Gandhi intervened, demanding Shah explain the immunity provided to Election Commissioners and challenging him to debate the content of his press conferences, the Home minister firmly stated that Parliament would not run as per Gandhi’s directions and that he would decide the order of his responses.

Rahul Gandhi accuses Home minister of avoiding key questions

Unconvinced by Shah’s reply, Gandhi labelled the minister’s remarks “defensive and fearful”. Shah responded that he would not be provoked and asserted that “vote theft” happens when electoral mandates are overturned.

Attack on Nehru-Gandhi family escalates tensions

Amit Shah intensified his criticism by invoking historical examples. He claimed the first instance of “vote theft” occurred during the selection of India’s first Prime Minister, alleging that Sardar Vallabhbhai Patel had secured more votes than Jawaharlal Nehru from provincial Congress units. Shah also referenced the 1975 court verdict that struck down Indira Gandhi’s election from Rae Bareli, calling the events that followed a major attempt at “vote theft”.

He further mentioned a court case alleging that Sonia Gandhi had cast a vote before becoming an Indian citizen—a point immediately contested by Congress MPs.

Opposition walks out after EVM, SIR remarks

Shah asserted that the Opposition’s objections to Electronic Voting Machines and resistance to SIR were attempts to retain ineligible names, including illegal immigrants, on voter lists. This led to a walkout by Opposition MPs.

Outside Parliament, Gandhi reiterated that the minister had not addressed core issues such as transparency in voter lists, clarity on the EVM architecture, or the evidence he presented in his press conferences.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com

Left Menu Icon