Handle communal violence firmly, PM tells states

Bijnor, Feb 6: Apprehensions over the Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC) are now so strong that a team of economic enumerators were allegedly manhandled in Uttar Pradesh's Bijnor district and faced stiff resistance from the people.

A team of the economic census enumerators in Bijnor, on Wednesday, sent a letter to the District Magistrate narrating the difficulties they are facing in some parts "due to misinformation".

District magistrate Ramakant Pandey, when contacted, said that he had asked the department concerned to complete the work on time. "If teams are facing any problems, we will sort it out at once. No hurdle in economic census will be tolerated," he said.

According to District Economic and Statistics Officer, Harendra Malik: "Our teams are facing protests in minority-dominated areas as people are linking it to the NRC. Some team members were manhandled.

"We have now asked village heads and municipality chairmen to help our teams in the survey and convince the people. Our teams are trying to convince them that it is a routine work which is being carried out for years. It has nothing to do with the NRC or CAA."

He further said that they plan to hold a series of meetings with people's representatives, including village heads and chairmen, so that they could put an end to this confusion.

The seventh economic census was flagged off in Bijnor by District Magistrate Ramakant Pandey on January 6. There are around 3,000 enumerators and 569 supervisors engaged in the census being carried out under the supervision of economic and statistics department. It is expected to be completed by March 31.

The economic census is aimed at collecting data about the financial status of people engaged in unorganised sector.

Meanwhile, the areas where the enumerators are facing stiff resistance include Kalhari village in Najibabad block, Amipur Narain village in Mohammadpur Devmal block, Anisa Nangli village in Dwarka block and the Mirzapur Bella village in Jalilpur block.

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.