RBI raises repo rate by 25 bps, eases rupee support

October 29, 2013

Mumbai, Oct 29: The Reserve Bank of India (RBI) raised its policy interest rate for the second time in as many months on Tuesday, warning that inflation is likely to remain elevated for the rest of the fiscal year, and rolled back an emergency measure put in place to support the slumping rupee.

The RBI lifted its policy repo rate by 25 basis points (bps) to 7.75 percent, in line with the expectations of most analysts in a recent Reuters poll, despite the risks to an economy beset by sluggish growth.raghuram_rajan

"Overall WPI (wholesale price index) inflation is expected to remain higher than current levels through most of the remaining part of the year, warranting an appropriate policy response," RBI Governor Raghuram Rajan said in his review.

With the rupee having stabilised, the RBI lowered its Marginal Standing Facility (MSF) rate a further 25 bps to 8.75 percent, which eases liquidity in the banking system and returns the gap between the repo and MSF rates to the usual 100 basis points.

Rajan, a high-profile former chief economist at the International Monetary Fund, took office in early September and stunned markets in his first policy review just weeks later by raising interest rates to combat fierce price pressures dogging Asia's third-largest economy.

Annual food inflation accelerated to 18.4 percent in September, its highest since mid-2010, pushed up by prices of vegetables including onions and stirring public discontent ahead of national elections which must be held by next May.

India's economy grew at 4.4 percent in the June quarter, the slowest since early 2009. The 5 percent growth rate recorded in the last fiscal year through March was the weakest in a decade.

The RBI said it expects the economy to grow at 5 percent in the current fiscal year that ends in March.

The headline wholesale price index (WPI) unexpectedly hit a seven-month high in September of 6.46 percent as food prices surged, while the consumer price index jumped an annual 9.84 percent, spurring expectations for another rate hike.

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Agencies
February 4,2020

New Delhi, Feb 4: Four-month-old Mohammed Jahaan accompanied his mother almost every day to the Shaheen Bagh demonstration where he was a favourite with the protesters who would take turns to hold him and often draw the tricolour on his cheeks.

Jahaan will not be seen at Shaheen Bagh anymore. He died last week after acquiring a severe cold and congestion following exposure to the winter chill at the outdoor demonstration. His mother is, however, undeterred and determined to participate in the protests, saying it is "for the future of my children".

The infant's shattered parents, Mohammed Arif and Nazia, live in a tiny shanty put together with plastic sheets and cloth in Batla House area and have two other children -- a five-year-old daughter and a one-year-old son.

Hailing from Bareilly in UP, the couple is barely able to make ends meet. Arif is an embroidery worker and also drives an e-rickshaw. His wife helps him in his embroidery work.

"I haven't been able to earn enough in the last month despite driving the battery rickshaw in addition to my embroidery work. Now with our baby's demise, we have lost everything," he said, showing a picture of little Jahaan wearing a woolen cap that read 'I Love My India'.

A visibly disturbed Nazia said Jahaan passed away in his sleep on night of January 30 after returning from the protests.

"I had returned from Shaheen Baag at around 1 AM. After putting him and other kids to sleep, even I went to sleep. In the morning, I suddenly found him motionless. He was gone in his sleep," she said.

The couple said they took their motionless baby to the nearby Alshifa Hospital on the morning of January 31 where he was declared dead on arrival.

Nazia, who had been visiting the Shaheen Bagh demonstration everyday with Jahaan since December 18, says that he died after catching a cold that turned lethal.

She said she didn't realise that his congestion was so severe. However, the baby's death certificate issued by the hospital does not mention any specific reason for the death.

Shazia, a neighbour who was present at the couple's home, said Nazia had fought with her mother and husband to visit Shaheen Bagh everyday. Nazia would gather all women in the bylane outside her house so that they could together walk to the demonstration, around 2 km away. Sometimes, Arif would drop some of them to Shaheen Bagh on his e-rickshaw.

Nazia said she strongly feels that the CAA and NRC are against the welfare of all communities and will join the Shaheen Bagh protests, but this time without her children.

"Why was I doing this? For my children and the children of all us who need a bright future in this country," she told PTI.

"The CAA divides us on religion and should never be accepted. I don't know if there is politics involved but I know that I must question what is against the future of my children."

Arif, however, blamed the NRC and CAA for his child's death.

"Had the government not brought CAA and NRC, people would not have protested and my wife would not have joined them, my son would have been alive," he said.

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Angry Indian
 - 
Tuesday, 4 Feb 2020

inna lillahi inna ilaihi rajioon...so sad

 

Modi, delhi police and Amith Shah the biggest EVIL of india is responsible for this samll soul death...

 

you have to answer one day after you die...dont think this world is permenant..

 

you will never see heaven forever...you must root in hell

 

GADDAR PM & HM

 

Jai Hind

 

 

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News Network
April 22,2020

Mumbai, Apr 22: Maharashtra Home Minister Anil Deshmukh on Wednesday said none of the 101 people arrested in connection with the Palghar lynching case is a Muslim, and accused the opposition of giving a communal colour to the incident.

Terming the incident as unfortunate and a blot on humanity, Deshmukh in a Facebook address said this is not the time to play politics, and urged all to engage in collective efforts to defeat the deadly coronavirus.

Without naming any leader or party, Deshmukh, who is an NCP leader, said some people were seeing Mungerilal ke haseen sapne (referring to a fictional character from a TV show who daydreams) of returning to power in the state.

He said in the run up to the incident, a rumour did rounds in Palghar that some people were lifting children during night.

The entire episode is being investigated by a special inspector general and the probe has been handed over to the Crime Investigation Department (CID), he said.

"The police arrested 101 people in connection with the incident within eight hours after it took place. They had run into neighbouring jungles, but were caught by police. There is no Muslim brother among these 101 people, Deshmukh said.

The minister said someone was heard as saying oye bas (please stop) in the video clip of the incident, but it was allegedly distorted as Shoaib.

An attempt was made to give a political colour to the incident. And this is very unfortunate...communal politics is being played, Deshmukh alleged.

He said such politics is being played at a time when the entire state is engaged in a battle against coronavirus.

"It is not the time to play politics, but to fight coronavirus collectively. It is unfortunate some people are seeing 'Mungerilal ke haseen sapne' at this juncture, the minister said.

The incident took place on the night of April 16 when three men - two seers and their driver - were going from Mumbai in a car towards Surat in Gujarat to attend a funeral.

Their vehicle was stopped near a village in Palghar district where the three were dragged out of the car and beaten to death with sticks by a mob on suspicion that they were child-lifters.

The deceased were identified as Chikne Maharaj Kalpavrukshagiri (70), Sushilgiri Maharaj (35), and driver Nilesh Telgade (30).

The Maharashtra government earlier ordered a high- level probe into the incident, and two policemen from Palghar were suspended on Monday for alleged dereliction of duty.

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News Network
June 18,2020

New Delhi, Jun 18: Republican Party of India (RPI-A) leader Ramdas Athawale on Thursday urged Indians to boycott Chinese food and asked for a ban on all restaurants which serve the cuisine.

"Restaurants selling Chinese food should be banned. Restaurants should be closed by the order of the state government. I appeal to people who consume Chinese food to boycott it," Athawale told ANI here.

The Union Minister also said that both the products which come from China and its literature should also be banned in the country.

"The Chinese literature should also be banned, its products too should be banned and its companies too should not be given business here. We should develop such companies in the country which can manufacture the same products here," he added.

Athawale also warned China to reconsider its actions and stop its nefarious activities on the border by saying, "You took Buddha from us but we don't want yuddha (war) with you. A war will prove to be costly for both countries, economically and loss of lives will also occur. If we (Indians) are not crossing the border then why are you doing so?"

Athawale's statements came after at least 20 Indian Army personnel, including a Colonel rank officer, lost their lives in the violent face-off in the Galwan valley area of Ladakh on June 15.

The clash happened as a result of an attempt by the Chinese troops to "unilaterally change" the status quo during de-escalation in eastern Ladakh and the situation could have been avoided if the agreement at the higher level been scrupulously followed by the Chinese side, India said on June 16.

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