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Repo rate, reverse repo rate remain unchanged, accomodative policy stance to continue: RBI

Reserve Bank of India Governor Shaktikanta Das on Wednesday announced that the key interest rates will remain unchanged and the accommodative policy stance will continue as long as necessary to mitigate the impact of Covid-19 pandemic.

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Shaktikanta Das

Reserve Bank of India Governor Shaktikanta Das on Wednesday announced that the key interest rates will remain unchanged and the accommodative policy stance will continue as long as necessary to mitigate the impact of Covid-19 pandemic.

The six-member Monetary Policy Committee kept the repo rate unchanged at 4 percent and reverse repo rate at 3.35 percent for the fifth time in a row since May.

The central bank Governor said the MPC voted unanimously for the accommodative policy stance and interests rates to maintain growth on a durable basis and continue to mitigate the impact of Covid-19 on the economy while ensuring that inflation remains within the target going forward.

The recent surge in infections has imparted greater uncertainty to the outlook. It needs to be closely watched especially as localised lockdowns could dampen the improvements in the demand conditions and delay the return of normalcy, said the Governor.

At its 3-day review meeting, the MPC has noted that the economic activities are normalising, rural demands remain buoyant, urban demand has gained traction. The committee also expressed concerns over the fresh surge in the number of Covid-19 infections but hopes the vaccination drive will give a fillip to the growth. Taking into consideration all these factors, the MPC has kept the Gross Domestic Product (GDP) growth forecast unchanged at 10.5 percent for FY22, according to the central bank.

In order to support the debt markets, the central bank has announced a new secondary market bond purchase of Rs 1 lakh crore in Q1. As part of the programme, the RBI will commit to purchase a definite amount of government securities to sustain congenial financing conditions, said Das.

The MPC has projected the CPI inflation at 5 percent in Q4FY2, 5.2 percent in Q1FY22, 5.2 percent in Q2, 4.4 percent in Q3 and 5.1 percent in Q4,  noting  that the supply-side pressures on inflation could persist even as demand-side pull remains moderate. 

Read Also: Man, whose mask slipped from nose, beaten mercilessly by policemen in Madhya Pradesh

Meanwhile, the central bank has last cut its policy rates on May 22, 2020 during the first wave of dreaded Covid-19 pandemic. Since March 2020, it has slashed its repo rate by 115 basis points to support the economy amid the coronavirus crisis.

2024 Lok Sabha Elections

Amit Shah accuses Congress of preserving Article 370 for 70 years

Shah was addressing a Lok Sabha election rally in Jaunpur district of Uttar Pradesh where he said the Congress and the Samajwadi Party preserved Article 370 for 70 years, due to which terrorism in the country increased.

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Amit Shah accuses Congress of preserving Article 370 for 70 years

Union Home Minister Amit Shah on Sunday attacked Congress on Sunday for preserving Article 370 of the Constitution, due to which terrorism increased in the country. He further added that BJP will never let another division of the country happen. Shah was addressing a Lok Sabha election rally in Jaunpur district of Uttar Pradesh where he said the Congress and the Samajwadi Party preserved Article 370 for 70 years, due to which terrorism in the country increased.

Addressing the people Shah said they had made Modiji the prime minister for the 2nd time and he abrogated Article 370 from Jammu and Kashmir on August 5, 2019.  He compared the situation to earlier times in the valley, when the Army had to be taken along for hoisting the tricolour, at that same Lal Chowk (Jammu and Kashmir) to the situation now when the shobhayatra of Lord Krishna is being taken out. The rally was organised to garner support for B P Saroj, the BJP candidate from the Machhlishahr Lok Sabha constituency in Jaunpur.

Shah further added that the divisive policies of the Congress want to divide the country again but BJP will never let that happen again. The Union Home Minister accused the grand old party of spreading lies that if PM Modi comes to power for a 3rd time at the centre then he will abolish reservation.

Shah Pointed out that the prime minister has been in majority for the last 10 years and he did not use it to abolish reservation. Shah said, he wanted to ask (SP chief) Akhilesh Yadav and (Congress leader) Rahul Gandhi that when their government was in power for 10 years, what did Uttar Pradesh get in that period? The UPA government gave Rs 4.9 lakh crore to Uttar Pradesh in 10 years as compared to the NDA government which gave Rs 19.11 lakh crore.

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2024 Lok Sabha Elections

Arvind Kejriwal says BJP started Operation Jhaadu to crush AAP

The Delhi chief minister alleged BJP has started Operation Jhaadu so that they do not grow big and become a challenge to them

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Arvind Kejriwal says BJP started Operation Jhaadu to crush AAP

Delhi chief minister Arvind Kejriwal on Sunday alleged BJP has started Operation Jhaadu to crush the Aam Aadmi Party since its popularity among the people is rising too fast. Kejriwal was addressing Aam Aadmi Party workers at the party office in New Delhi where he claimed the AAP’s bank accounts would be frozen after elections and they will be brought on the roads and left without an office.

The Delhi chief minister alleged BJP has started Operation Jhaadu so that they do not grow big and become a challenge to them.  He further added that through Operation Jhaadu, AAP’s big leaders will be arrested; they are being arrested, and in the coming days, Aam Aadmi Party’s bank accounts will be frozen.

Kejriwal pointed out that ED’s lawyer has already given this statement in court that soon after the election, AAP’s bank accounts will be frozen. He said that if they freeze their accounts now, then AAP will get sympathy. As a result after the election, ED will freeze AAP’s bank accounts. He said AAP’s party office will be cleared out, and the party will be brought to the streets.  Kejriwal said these are the 3 plans made by the BJP.

The Delhi chief minister claimed that no gold or money has been recovered from him, and the BJP, by creating false cases has got AAP leaders arrested. Kejriwal recalled that since the time he came to power in 2015, many allegations had been against him by the BJP. He said after the liquor policy scam has happened people are asking them if the scam happened then where is the money. He pointed out that in other places, when raids happen, notes and gold are recovered, but here nothing was found. Kejriwal asked the people that where is all the money? He said BJP had made fake cases and arrested AAP leaders.

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2024 Lok Sabha Elections

PM Modi says Congress is the mother of corruption, party was involved in coal and 2G scams

PM Modi said, Congress and JMM know nothing about development and their only job is to speak lies, loudly, again and again, and everywhere, their only objective is to do an the X-ray of poor people’s wealth and steal it.

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PM Modi says Congress is the mother of corruption, party was involved in coal and 2G scams

Prime Minister Narendra Modi addressed an election rally in Jharkhand’s Jamshedpur on Sunday (May 19) amid the ongoing Lok Sabha Elections 2024.  While addressing the election rally in Jamshedpur PM Modi said, people’s excitement told him what result will come on June 4 in Jamshedpur.

He recalled the time when he used to work as a BJP party worker for many years and used to ask people at that time they would come at 10 or 11 am to attend an election rally. But today he was witnessing a huge crowd here. The prime minister thanked all of them and said Lok Sabha election decides and strengthens the future of the country.

During a public rally in Jamshedpur, PM Modi said, Congress and JMM know nothing about development and their only job is to speak lies, loudly, again and again, and everywhere, their only objective is to do an the X-ray of poor people’s wealth and steal it. He further accused the Congress and JMM of snatching the reservation of SC and ST and the party leaders of the two parties are continuously abusing Modi every day. He asked if they are not able to think beyond this? He said the whole country has realised their truth.

PM Modi said, Congress and their ally parties, wherever they have governments, he challenged those chief ministers and this is not his political statement. The prime minister said Congress’s Shehzada keeps opposing business industries, businessmen and investments.

 PM Modi asked which businessman will go and invest in those states? What will happen to the youths of those states?  He said all investors who come to him and say that they would not go to these states because of their ideology against them. He said businessmen are verbally abused there and investors are forced to think that since Shehzada has this kind of thoughts, his ally parties would have the same thoughts as well. PM Modi added Congress is the mother of corruption and party was involved in coal and 2G scams as well

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