Congress to hold 'Zameen Wapsi Andolan' against Land Ordinance today

New Delhi, Jul 16: With India's economic growth sputtering, the Reserve Bank of India was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank's Monetary Policy Committee reason to pause for now.

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month.

"It's probably too early to administer a demand stimulus. The RBI still has room to cut rates, but we probably want to be more cautious of the timing," said Venkat Pasupuleti, portfolio manager at Dalton Investments.

"Maybe they should wait a quarter to see how things pan out once the lockdown situation is eased further."

Market participants have factored in at least a 25 bps rate cut by the MPC on August 6 while analysts are predicting a total 50-75 bps cuts over the rest of the fiscal year that runs to March 31.

The spike in the retail inflation rate above the RBI's mandated 2%-4% target range is another reason for the central bank to take a breather, analysts say.

Annual retail inflation rose to 6.09% in June, compared to 5.84% in March and sharply above a 5.30% median forecast in a Reuters poll of economists.

Rahul Bajoria, an economist at Barclays, said the spike in both consumer and wholesale prices "could lead to a tempering in enthusiasm for material front-loaded policy support from here on."

Almost all economists however agreed the RBI cannot move away from its accommodative stance or call an end to the rate cutting cycle just yet.

India's economy grew at 3.1% in the March quarter - an eight year low - and some economists have predicted a contraction of more than 20% in the June quarter and a contraction of up to 5% in the fiscal year.

"Even in the event of a pause, we think the RBI and MPC would want to hold out the promise of more cuts," said A. Prasanna, economist with ICICI Securities.

RBI Governor Shaktikanta Das said in a recent speech the need of the hour is to restore confidence, preserve financial stability, revive growth and recover stronger, suggesting inflation concerns are unlikely to deter the downward trajectory for rates too soon.

"The August policy decision would boil down to a judgment call over whether RBI can maintain easy monetary and financial conditions without the aid of a token rate cut," Prasanna said. 

New Delhi, Jan 15: The Delhi government Wednesday told the high court that execution of the death row convicts in the Nirbhaya gangrape and murder case will not take place on January 22 as a mercy plea has been filed by one of them.

The four convicts -- Vinay Sharma (26), Mukesh Kumar (32), Akshay Kumar Singh (31) and Pawan Gupta (25) -- are to be hanged on January 22 at 7 am in Tihar jail. A Delhi court had issued their death warrants on January 7.

Justices Manmohan and Sangita Dhingra Sehgal were told by the Delhi government and the Centre that the petition filed by convict Mukesh, challenging his death warrant, was premature.

The Delhi government and the prison authorities informed the court that under the rules, it will have to wait for the mercy plea to be decided before executing the death warrant.

They also said that none of the four convicts can be executed on January 22 unless the present mercy plea is decided.

The Supreme Court had on Tuesday dismissed the curative pleas of Mukesh and Vinay.

The mercy plea hearing began Wednesday morning and will continue in the afternoon.

New Delhi, Jul 23: With the highest single-day spike of 45,720 cases, India's coronavirus count crossed 12 lakh mark on Thursday.

The Union Ministry of Health and Family Welfare informed that 1,129 deaths were recorded in the last 24 hours.

The total number of coronavirus cases stand at 12,38,635 including 4,26,167 active cases, 7,82,606 cured/discharged/migrated. The cumulative toll has reached 29,861 deaths.

Maharashtra has reported 3,37,607 cases, highest in the country followed by Tamil Nadu with 1,86,492 cases. Delhi coronavirus count has reached 1,26,323 cases.

According to the Indian Council of Medical Research (ICMR), 1,50,75,369 samples were tested till July 22 out of which 3,50,823 samples were tested yesterday.