Indian public sector banks had 'worst phase' under Manmohan, Rajan: Sitharaman

Kochi, Jan 11: Two of the four illegal apartment complexes were brought down by controlled implosion here on Saturday.

However, the other two apartments-- Golden Kayaloram and Jain Coral-- will be demolished on Sunday.

The demolition of the first building Holy Faith H2O, slated to be carried out at 11 am, was delayed by 18 minutes while the twin towers of Alfa Serene, which is surrounded by 36 houses, were brought down at 11.43 am.

As per authorities, as many as 343 kgs of explosives were used for the demolition of twin towers of Alfa Serene, which had 80 apartments and 16 floors each.

Section 144 has been imposed within a 200-metre radius of the complexes on Saturday and Sunday. Moreover, traffic has been halted on land, water and air in the evacuation zone during the process.

There are concerns that some concrete pieces of the second tower of the building may have fallen into the lake nearby. It is yet to be estimated if the debris or concrete pieces have affected the buildings nearby.

The four apartment complexes in Maradu were ordered to be demolished by the Supreme Court for violating the Coastal Regulation Zone (CRZ) norms.

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. 

Thiruvananthapuram, Apr 20: Kerala Chief Minister Pinarayi Vijayan on Sunday alleged that efforts were being made to undermine the achievements of the state government in its fight against Covid-19 and said he was "ignoring" them as it was not the time for controversies.

The Opposition Congress has been raising allegations that a US-based company had been entrusted with the task of collecting data regarding the virus-infected patients in the state, in violation of fundamental rights.

"Many developed nations are in awe of the achievements of Kerala in its fight against Covid-19 pandemic. This is the speciality of Kerala model," Vijayan said. Referring to the data collection charge levelled by the opposition parties, Vijayan said some were engaged in slandering the state government.

"Those who think that the government should not have a reputation for effectively handling the coronavirus outbreak are engaged in slandering the state government. It has happened before, it's happening now also. This is not the time to go behind controversies. People are watching and they will evaluate," Vijayan said in his weekly interactive programme 'Naam munnott'.

He said he had decided to ignore such controversies. The ward-level committees, set up by the government for the anti-coronavirus fight, was collecting information of those under home isolation, elderly persons and those at the risk of the disease using a questionnaire in this regard and upload it on the server of the private agency. The Congress has alleged that the data, collected through the government machinery, was being uploaded not on the government server but on that of the foreign company.