Mumbai, Mar 27: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that Monetary Policy Committee (MPC) has taken note of the global economic activity coming to a near standstill due to the coronavirus pandemic and added that large parts of the world could slip into recession in the coming days to the coronavirus crisis.
"The MPC noted that global economic activity has come to a near stand-still as COVID-19 related lockdowns and social distancing are imposed across a widening swath of affected countries. Expectations of a shallow recovery in 2020, from 2019's decade low in global growth, have been dashed," Das said.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," he added.
The RBI Governor further added that "the implied GDP growth of 4.7 per cent in Quarter 4 of 2019-20, in the second advance estimates of the National Statistics Office which was released in February 2020, within the annual estimate of 5 per cent for the year as a whole is now at risk."
As per the outlook for the year 2020-21, Das said, "Apart from continuing resilience of agriculture and allied activities most other sectors of the economy will be adversely impacted by the pandemic depending upon, its intensity, spread and duration."
Das also announced a reduction in the repo and reverse repo rates for banks.
"The repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent," Das said addressing the media.
The decision for "a sizeable reduction" in the policy repo rate, according to the RBI Governor was taken to "revive growth and mitigate the impact of COVID-19 and ensure financial stability."
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Rising probability that large parts of world will slip into recession due to COVID-19: RBI Governor
News Network
March 27, 2020
Petrol, diesel prices hiked by 60 paise per litre for second straight day
News Network
June 8,2020
Jun 8: Petrol and diesel prices were hiked by 60 paisa per litre on Monday, for the second day in a row, as state-owned oil firms reverted to daily price revisions after a 83-day hiatus.
Petrol price in Delhi was hiked to Rs 72.46 per litre from Rs 71.86 on Sunday, while diesel rates were increased to Rs 70.59 a litre from Rs 69.99, according to a price notification of state oil marketing companies.
This is the second daily increase in rates in a row. Oil companies had on Sunday raised prices by 60 paisa per litre on both petrol and diesel after ending a 83-day hiatus in daily rate revision.
Daily price revision has restarted, an oil company official said.
While oil PSUs have regularly revised ATF and LPG prices, they had since March 16 kept petrol and diesel prices on hold, ostensibly on account of extreme volatility in the international oil markets.
Auto fuel prices were frozen soon after the government raised excise duty on petrol and diesel by Rs 3 per litre each to mop up gains arising from falling international rates.
The government on May 6 again raised excise duties by Rs 10 per litre on petrol and Rs 13 per litre on diesel.
Oil companies, instead of passing on the excise hike to consumers, decided to adjust them against the reduction required because of the drop in international oil prices. They used the same tool and did not pass on the Re 1 per litre hike required for switching over to ultra-clean BS-VI grade fuel from April 1.
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It's Sri Ram's will that I attend bhoomi pujan: Babri case litigant Iqbal Ansari
News Network
August 3,2020
Aug 3: Iqbal Ansari, who was a litigant in the Ayodhya land dispute case, has decided to gift a 'Ram nami' stole and a copy of the Ramcharitmanas to Prime Minister Narendra Modi when he attends the bhoomi pujan ceremony for the Ram temple here on Wednesday.
"Yes, I have received the invitation from Shri Ram Janmabhoomi Teerth Kshetra Trust for the bhoomi pujan ceremony. I will certainly attend it. The dispute is over now after the court's verdict," Ansari, 69, told .
"Our Prime Minister is coming. I will meet him and give him a 'Ramnami' stole (with Ram's name written on it) and Ramcharitmanas as a present," Ansari said.
His father Hashim Ansari, the oldest litigant in the Babri Masjid-Ram Janmabhoomi land dispute case, died at the age of 95 in 2016 after which the son started pursuing the case in the court.
Talking about Wednesday's ground-breaking ceremony to mark the beginning of the construction of a grand Ram temple here, Ansari said, "I belong to Ayodhya. All this (temple's construction) will change the fate of Ayodhya. We all want our child to get better opportunities".
He further said, "I respect sadhus and saints. I am happy to have received the invitation for the ceremony. I think it is Lord Ram's will that I attend it".
When asked what he would have done had the court decided the case in his favour, Ansari said he had wanted the construction of a school and a hospital on the disputed land.
"I feel the city needs development. The future of our children should be safe and secure and they should get employment. Dispute in the name of religion should end now and we should let the city witness a new beginning," he said.
The Supreme Court had in November last year paved the way for the construction of a Ram temple by a Trust at the disputed site of the Babri Masjid's demolition in Ayodhya, and directed the Centre to allot an alternative 5-acre plot to the Sunni Waqf Board for building a new mosque at a "prominent" place in the holy town in Uttar Pradesh.
The state government has allotted a five-acre land in Dhannipur village in Sohaval Tehsil of Ayodhya for the mosque's construction.
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Delhi CM Arvind Kejriwal meets Home Minister Amit Shah, says will work together for Delhi
News Network
February 19,2020
New Delhi, Feb 19: Delhi Chief Minister Arvind Kejriwal met Union Home Minister Amit Shah on Wednesday, their first meeting after the assembly polls in the national capital.
The meeting went on for over 20 minutes at Shah's residence. The meeting was earlier scheduled at the Home Ministry.
"Met Hon'ble Home Minister Sh Amit Shah ji. Had a very good and fruitful meeting. Discussed several issues related to Delhi. Both of us agreed that we will work together for development of Delhi," Kejriwal tweeted.
Shah had led the BJP offensive against Kejriwal in the Delhi Assembly polls in which AAP trounced the saffron party, bagging 62 of the 70 seats.
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