Maya Kodnani was not present in Naroda Gam on day of riots: Amit Shah tells court

Mumbai, Jan 15: Michael Debabrata Patra took over as Deputy Governor of the Reserve Bank of India (RBI) on Wednesday.

He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.

An RBI release said that as Deputy Governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department.

He will also look after Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India.

As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as Deputy Governor.

Prior to this, he was Principal Adviser of the Monetary Policy Department, Reserve Bank of India between July 2012 and October 2014.

He has worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) during December 2008 to June 2012, when he actively engaged in the work of the IMF's Executive Board through the period of the global financial crisis and the ongoing Euro area sovereign debt crisis.

The release said that his book "The Global Economic Crisis through an Indian Looking Glass" vividly captures this experience.

He has also published papers in the areas of inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments.

A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Mumbai.

He will hold the post for three years or until further orders. The post fell vacant after Viral Acharya resigned on July 23 last year.

New Delhi, Mar 7: Bhim Army chief Chandrashekhar Azad has taunted Bahujan Samaj Party chief Mayawati saying that she has lost her way. He also said that one will have to work for the larger interest of the society to bring about equality. Only the speeches cannot improve the condition of the Dalits, their participation in power must increase.

In an interview with media persons, Chandrashekhar said: "Members of minority community, Dalits and backward classes are being targeted in the country. Their rights are being taken away. Our workers want that they too should get equal share in political power. Keeping this in mind, we are going to form a new political party on March 15. Their (Dalits) issues will have to be raised. Mere speeches will not work for Bahujan society, one has to raise voice in their favour. They should get a share in power."

On the question that how he would find a foothold in view of large political base of the BSP, Chandrashekhar said, "We are not looking for an alternative. Look at the crores of Muslims, Dalits, members of backward community and minorities. We have to protect their interests. We have a large organisation in the state. Our Bharat Bandh was also successful".

On the question that with which party he will forge an alliance in 2022 after forming his party on March 15, Chandrashekhar said: "When we are forming our party then we don't need to go seeking alliance with anyone. Our party will be formed on the basis of some principles. Whoever will find it suitable will come close to us".

On meeting with Yogi government's former minister Om Prakash Rajbhar, he said that Rajbhar is not a controversial person. He is a big backward leader. He raises voice in favour of the backwards in the Assembly. He also supported us when I was in jail. We talked about how to stop the BJP and will take all necessary steps to prevent the BJP from coming back to power.

When asked why he had several run-ins with the police, Chandrashekhar said: "Ask this question to the police. Have I broken any law? Am I not a citizen of this country? There is no freedom of speech in the Yogi government. This is happening at the behest of the government. We are just opposing it".

Talking about the CAA, NRC and the NPR, he said: "We will not stage protest because the government does not want it. Any law which is wrong in our view will be opposed. This is a secular country. The CAA will divide the country. If there is anything against the Indian Constitution, we will raise our voice. Laws will not be allowed to be made on the basis of religion".

New Delhi, Jan 20: Surging inflation and slowing growth are raising serious concerns about the future growth prospects of the economy and as a remedial measure the government should resolve supply-side hurdles and ensure more stringent governance norms, a report said on Monday.

According to the Dun and Bradstreet Economy forecast, even though the Index of Industrial Production (IIP) turned positive in November 2019, it is likely to remain subdued.

"Slowdown in consumption and investment along with high inflationary pressures, geopolitical issues and uncertainty over the recovery of the economic growth are likely to keep IIP subdued," the report noted.

Dun and Bradstreet expect IIP to remain around 1.5-2.0 percent during December 2019.

As per government data, industrial output grew 1.8 percent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.

On the price front, uneven rainfall along with floods in many states and geopolitical issues have led to a surge in headline inflation even as demand remains muted.

The Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 percent from 5.54 percent in November, mainly driven by high vegetable prices.

"The sharp rise in inflation has constrained monetary policy stimulus while revenue shortfall has placed limits on the government expenditure," Dun & Bradstreet India Chief Economist Arun Singh said.

According to Singh, growth-supporting measures and deceleration in growth are likely to cause slippage in fiscal deficit target by a wider margin.

"The government should focus on taking small steps to address the slowdown; in particular, resolve the supply-side hurdles and ensure more stringent governance norms," Singh said.

Unless these concerns are addressed through a comprehensive policy framework, it will not be easy for India to clock a sustainable growth rate to become a USD 5 trillion economy, he added.