Gujarat massacre: SC fixes April 14 for hearing Zakia Jafri’s plea against SIT’s clean chit to Modi

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 18: Asha Devi, the mother of the 2012 Delhi gang-rape victim, on Saturday slammed senior lawyer Indira Jaising for her suggestion that she should forgive her daughter's rapists.

"Who is Indira Jaising to give me such a suggestion? The whole country wants the convicts to be executed. Just because of people like her, justice is not done with rape victims," Asha Devi said here.

"Cannot believe how Indira Jaising even dared to suggest this. I met her many times over the years in Supreme Court, not even once has she asked for my well being and today she is speaking for the convicts. Such people earn their livelihoods by supporting rapists, hence rape incidents do not stop," she added.

Asha Devi further accused Jaising of using "the garb of human rights" to make a living.

'People like her keep earning money under the garb of human rights. I do not need her suggestions... Just because of people who think like her incidents like rape keep happening, she is a disgrace to women," she said.

Earlier yesterday, Indira Jaising, through a tweet, had urged Asha Devi to forgive the perpetrators and had used the example of Congress interim president Sonia Gandhi, who had forgiven Nalini, one of the convicts who was given the death penalty by the courts.

"While I fully identify with the pain of Asha Devi I urge her to follow the example of Sonia Gandhi who forgave Nalini and said she did not want the death penalty for her. We are with you but against the death penalty," Jaising's tweet read.

Mumbai, Mar 3: The country will turn "peaceful" if Prime Minister Narendra Modi's "bhakts" follow him in quitting the social media, the NCP said on Tuesday, taking a dig at the PM over his tweet that was thinking of giving up his social media accounts.

NCP chief spokesperson and Maharashtra minister Nawab Malik also said that Modi's decision will be "in the interest of the country".

His comments came a day after Modi said he is contemplating giving up social media presence.

"This Sunday, thinking of giving up my social media accounts on Facebook, Twitter, Instagram & YouTube. Will keep you all posted," the prime minister said on the micro-blogging site.

Taking a swipe at the prime minister, Malik in a tweet said, "Yesterday, Modi ji gave hint of giving up the social media from Sunday. Some leaders are also talking about giving up (the social media). The country will turn peaceful if all the bhakts (followers) give it up."

"Modi ji's decision will be in the interest of the country. We welcome it, Modi ji take decision," Malik tweeted with the hash tag "ModiQuitsSocialMedia".

Earlier, the Congress took a swipe at the prime minister, with Rahul Gandhi tweeting "Give up hatred, not social media accounts" after tagging Modi's post.

Within minutes of Modi's tweet on Monday, scores of netizens urged him not to quit the various social media platforms as 'No Sir' trended on Twitter.

The prime minister is one of the most-followed world leaders on social media. He has 53.3 million followers on Twitter, 44 million on Facebook and 35.2 millionon Instagram.

The Twitter handle of Prime Minister's Office has 32 million followers.

In September 2019, PM Modi was the third most followed world leader on the microblogging site, behind only US President Donald Trump and his predecessor Barack Obama.

The Prime Minister was the first Indian to cross the 50-million followers mark on Twitter.