Show me how inflation is low: Rajan on 'dialogues' by critics

July 17, 2016

Mumbai, Jul 17: Taking his critics head-on, RBI Governor Raghuram Rajan has challenged them to show how inflation is "very low" before accusing him of "being behind the curve" in his focus on containing price rise than on growth and debunked such criticism as mere 'dialogues'.rajan

Rajan, who has often been seen as being critical of the government and its policies, also said there is "lot of frustration" about the pace of economic recovery, but attributed it to the two successive droughts, weak global economy and external shocks like Brexit.

Given these constraints, performance of Indian economy has been "quite creditable" and prospects of good monsoon as well as structural reforms and macroeconomic stability will accelerate the growth going forward, he added.

On GDP growth figures, the outgoing Governor said he has refrained from "thumping on the table" to put a number on GDP growth, adding people sometimes get "overly fixated with a particular growth number", though figures like 7.6 per cent and 8 per cent are within the same range.

Speaking to a select group of journalists here on a wide range of issues, Rajan said regarding financial inclusion, it is not possible to have bank branches in every village because that would be too expensive, but RBI is exploring other options like mobile branches and mini or micro branches.

Rajan, who has been pilloried by his critics for keeping interest rates high and has also been accused of stifling growth, cited consumer price index (CPI)-based inflation surging for the fourth straight month in June to 5.77 per cent to defend his record.

"This discussion (on being behind the curve) keeps going on without any economic basis. You saw the CPI numbers just last week -- 5.8 per cent is the CPI inflation, our policy rate is 6.5 per cent," he said.

Asserting that he does not "really pay attention to this kind of dialogues", Rajan said those calling him behind the curve should explain how inflation is very low to warrant lower interest rates.

One of the biggest criticisms of Rajan's monetary policy has been by BJP MP Subramanian Swamy, who accused him of being "mentally not fully Indian" and had sought his dismissal.

Amid unrelenting personal attacks, Rajan last month announced that he would step down at the end of his three-year tenure on September 4 and return to academia.

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Agencies
July 2,2020

Lucknow, Jul 2: Senior BJP leader Uma Bharti Thursday appeared in person before a special court here conducting trial in the 1992 Babri mosque demolition case.      

The special CBI court is currently recording the statements of 32 accused under CrPC section 313 (court's power to examine the accused), a stage in the trial that follows the examination of prosecution witnesses.

The 61-year-old saffron clad BJP leader is the 19th accused to depose before the court in the over 27-year-old case. Thirteen other alleged accused, including former deputy prime minister LK Advani and senior BJP leaders MM Joshi and Kalyan Singh are yet to be examined at this stage. Their lawyers have indicated to the CBI court that they prefer to appear through video conferencing. 

The mosque in Ayodhya was demolished in December 1992 by 'kar sevaks' who claimed that an ancient Ram temple had stood on the same site. The CBI court is conducting day-to-day hearings to complete the trial by August 31, as directed by the Supreme Court.

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News Network
July 17,2020

Lukung, Jul 17: Union Defence Minister Rajnath Singh on Friday assured that not an inch of our land can be taken by any power in the world while he interacted with the Indian Army and ITBP personnel at Lukung.

Referring to the India-China border standoff, he said, "Talks are underway to resolve the border dispute but to what extent it can be resolved I cannot guarantee. I can assure you, not one inch of our land can be taken by any power in the world."

Emphasising on finding a diplomatic solution to the standoff, he further said, "If a solution can be found by talks, there is nothing better."
"Recently what happened between troops of India and China at PP14, how some of our personnel sacrificed their lives protecting our border. I am happy to meet you all but also saddened because of their loss. I pay my tributes to them," he added.

Singh interacted with the Army and Paramilitary troops here along with Chief of Defence Staff General Bipin Rawat and Army Chief General MM Naravane.

Earlier today, the Defence Minister witnessed para dropping and scoping weapons here. He also inspected a Pika machine gun.

Indian Army T-90 tanks and BMP infantry combat vehicles carried out the exercise at Stakna, Leh in presence of Singh, Chief of Defence Staff and Army Chief.

Defence Minister is on a two-day visit to Ladakh and Jammu and Kashmir. He will take stock of the situation at both the Line of Actual Control (LAC) and the Line of Control (LOC).

While Pakistan constantly violates ceasefire from across the LoC, China has continued to intrude into Indian territory in Ladakh region in recent past, escalating tensions between India and its eastern neighbour.

On June 15, twenty Indian soldiers laid out their lives during combat with Chinese forces in Galwan valley, leading to tensions between both nations. Chinese soldiers subsequently started moving back following dialogues between two countries through the military level and diplomatic level.

Singh was accompanied by the Chief of Defence Staff General Bipin Rawat and Army Chief General MM Naravane.

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News Network
April 26,2020

Thiruvananthapuram, Apr 26: Kerala Chief Minister Pinarayi Vijayan on Saturday urged media houses not to resort to layoffs and pay cuts while the whole community is facing the COVID-19 pandemic.

The Chief Minister said the state government will also take necessary steps to test the media personnel in the state to ensure they have not contracted the deadly virus.

He also pointed out that the pandemic has severely impacted the media sector with many newspapers even reducing the number of pages.

"Journalists are among those who have been affected the most. Journalists on the field are also in danger. We have come to know about the reporters affected with coronavirus in other states. The government will take necessary precautions including testing to ensure that journalists don't contract the disease," Vijayan said.

He said the newspapers were not receiving advertisements these days because there are no social or public events resulting in less commercial activities in the society.

"I would like to urge the media houses not to engage in layoffs or salary cuts during this pandemic. Journalists are working shoulder to shoulder with health workers. During this pandemic, scribes are out in the field collecting news, despite the threat of disease and it was admirable," Vijayan said.

The chief minister said the government has asked the PRD to release the dues to various media houses.

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