BJP won elections with money from naxalites: Digvijay

Mumbai, Feb 6: The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth.

The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.

"Economic activity remains subdued and the few indicators that have moved up recently are yet to gain traction in a more broad-based manner. Given the evolving growth-inflation dynamics, the MPC felt it appropriate to maintain status quo,” the Monetary Policy Committee (MPC) said.

The six-member committee voted unanimously to hold rates, but also said that there is “policy space available for further action”.

Between February and October 2019, the RBI had reduced repo rate by 135 basis points.

New Delhi, Jan 10: The Supreme Court while hearing petitions challenging restrictions in Jammu and Kashmir on Friday stated that the right to access the internet is a fundamental right under Article 19 of the Constitution of India.

"It is no doubt that freedom of speech is an essential tool in a democratic setup. The freedom of Internet access is a fundamental right under Article 19(1)(a) of the Constitution," a two-judge bench headed by Justice N V Ramana stated while reading out the judgment.

The top court said that Kashmir has seen a lot of violence and that it will try to maintain a balance between human rights and freedoms with the issue of security.

It also directed the Jammu and Kashmir administration to review the restrictive orders imposed in the region within a week. “The citizens should be provided highest security and liberty,” the apex court added.

The top court made observations and issued directions while pronouncing the verdict on a number of petitions challenging the restrictions and internet blockade imposed in Jammu and Kashmir after the abrogation of Article 370 in August last year.

The Supreme Court had on November 27 reserved the judgment on a batch of petitions challenging restrictions imposed on communication, media and telephone services in Jammu and Kashmir pursuant to revocation of Article 370.

The court heard the petitions filed by various petitioners including Congress leader Ghulam Nabi Azad and Kashmir Times editor Anuradha Bhasin.

The petitions were filed after the central government scrapped Article 370 in August and bifurcated Jammu and Kashmir into two Union Territories -- Jammu and Kashmir and Ladakh. Following this, phone lines and the internet were blocked in the region.

The government had, however, contended that it has progressively eased restrictions.

Hyderabad, Apr 12: Indicating that prolonged lockdown to contain coronavirus spread may lead to job cuts in the Indian IT industry, NASSCOM former president R Chandrashekhar has said that the work-from-home culture may become a positive development in the long run as it opens up newer avenues and save investments by IT firms.

The former bureaucrat also said startups which are surviving on funds infused by venture capitalists may face tougher situations if the present scenario deteriorates.

"The larger companies may not be actually cutting jobs for two reasons. One is that they do not want to lose their employees and they have money to pay. Many of them ( big companies), even if they do shed some jobs it might be at the most people who are on temporary or intern type and all. But they would not want regular and permanent employees to go. So as long as they have sufficient flexibility in their books, they would continue," said NASSCOM former president.

"But beyond a point that it goes on, for let us say, two months or three months, then even for them, they will feel the pressure. They may not just keep on providing subsidies to the employees. So the key question will be how long that goes on," Chandrasekhar said.

He also said the work-from-home systems being adopted by several firms across the globe, including India, may have a negative impact on the industry in the short-term, but in the long run it would change the work culture which hitherto was not experienced by many of the IT firms in India.

 On impact of the prolonged lockdown on startups, he said it would be a big challenge for the budding enterprises as the investments they get are based on their ideas and future revenues and the present situation under which peoples movement is curbed may shackle their progress.

 "Where will they (startups) get money to pay salaries to their employees. Venture capital investors would not pay the money or invest their money to pay salaries because they are not in the charity business."

If the employees are not paid and if they leave and it is difficult for the startup againto come up. So the whole investment plan goes for a toss, he said.

Former chairman of NASSCOM, B V R Mohan Reddy said a clear picture as to what is going to happen has not yet emerged as the situation with all respects is still evolving. Reddy said there will be a demand shrinkage for the IT industry as the entire world is under stress. "There is no economy in this world that is going to do well in this situation.

So, therefore, there will be a demand shrinkage, he said, indicating tougher times of the industry ahead.