RBI Raises Inflation Forecast To 5.7%, Keeps Repo Rate Unchanged. Here’s What Uday Kotak Has To Say: News
In its first monetary policy announcement for 2022-23, the Reserve Bank of India (RBI) has raised its inflation forecast to 5.7 percent against the previous estimate of 4.5 percent.
The RBI has revised its inflation projections upwards and sharply cut its growth projections for the economy in the current financial year due to increased geopolitical tensions since the end of February, which poses a downside risk to domestic growth and upside risk to inflation projections.
The Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, held its first meeting in the current financial year a few days ago.
The RBI’s MPC, however, kept the benchmark repo rates unchanged at the current level of 4 percent.
With the RBI raising the country’s retail inflation rate projection and keeping repo rates unchanged, Uday Kotak, the CEO of Kotak Mahindra Bank, expressed concern and questioned the decisions.
No New Chinese Investment, India Helped To Maximum: Lanka Ex PM,News
Former Prime minister of Sri Lanka Ranil Wickremesinghe on Sunday accused the incumbent government of plunging the country into a deep economic and political crisis with its “incompetence in dealing with the financial challenges” while also stating that the utter failure has led to a situation where the people are standing in long queues.
“It (economic crisis) never happened in our time…when our government was here there were no queues of the people to buy the basic necessities. There should have not been any reason for the people to come on the streets. But it’s all happening because of the incompetence of the Gotabaya Rajapaksa government in the country,” former PM Wickremesinghe told ANI.
Wickremesinghe also stated that when he was the PM in 2019 the country’s economy was in healthy status with capital surplus but the incompetency of the current government has brought the people on the streets.
“We Have No Choice”: Lankan Minister On External Help, India Credit Line:News
Sri Lanka will need about $3 billion in external assistance within the next six months to help restore supplies of essential items, including fuel and medicines, to manage a severe economic crisis, its finance minister told Reuters on Saturday.
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The island nation of 22 million people has been hit by prolonged power cuts, with drugs, fuel and other items running short, bringing angry protesters out on the streets and putting President Gotabaya Rajapaksa under mounting pressure.
“It’s a Herculean task,” Finance Minister Ali Sabry said in his first interview since taking office this week, referring to finding $3 billion in bridge financing as the country readied for negotiations with the International Monetary Fund (IMF) this month.
India gets market access for exporting banana, baby corn to Canada:News
Canada has given approval for export of fresh bananas with immediate effect, while outbound shipment of baby corn will begin from this month after technical update, the government said in a statement.
The decision was taken after negotiations between Agriculture Secretary Manoj Ahuja and Canadian High Commissioner H E Cameron MacKay on April 7.
“Canada informed that export of fresh baby corn from India to Canada may begin from April 2022 after update of directive D-95-28: plant protection import and domestic movement requirements for corn and the automated import reference system,” the statement said.
Based on the technical information provided for fresh bananas by India, Canada has approved entry of bananas into Canada with immediate effect, it added.
Fuel prices on April 10: Petrol, diesel rates unchanged for fourth straight day,News
Prices of petrol and diesel remained steady for the fourth day in a row on April 10. This is the sixth time in the last 19 days that fuel prices have remained unchanged. Since March 22, fuel prices have increased by Rs 10 per litre via 14 revisions.
According to a price notification of state fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre.
In Mumbai, petrol and diesel prices per litre are at Rs 120.51 and Rs 104.77 respectively. In Chennai, petrol costs Rs 110.85 per litre and diesel Rs 100.94 per litre. In Kolkata, petrol is at Rs 115.12 per litre and diesel Rs 99.83 per litre.
Bilawal Bhutto likely to be Pakistan’s next foreign minister:News
Bilawal Bhutto is likely to be appointed as the next foreign minister of Pakistan in the new government after Imran Khan’s prime ministerial term came to an ignominious end following his ouster through a no-confidence motion, according to a media report.
While the positions of prime minister and president hold importance, the question of who will be the foreign minister under the new government is also important as the joint Opposition has been constantly targeting the government of Khan for their wrong foreign policies, Geo News reported.
IT co CEO gifts BMWs to employees who helped company ‘dig gold’ during tough times
‘Debt Free’: Ruchi Soya pays ₹2,925 cr loan post FPO issue:Business news
India’s largest manufacturer of edible oil, Ruchi Soya is ‘debt free’ after its follow-on public offering (FPO). A part of the proceeds arising from the FPO has been utilised to repay debt. With that, the Baba Ramdev-backed company has repaid ₹2,925 crore to a consortium of banks led by the government-owned State Bank of India (SBI).
Home loan rates may rise soon; retail depositors set to see higher returns:News
Interest rates on home loans could move up soon even as banks will continue to increase deposit rates.
Bankers said it is somewhat unreasonable to expect home loan rates to be at 6.4-6.5% when the benchmark yield is north of 7%. Though home loans are typically linked to the repo rate, which was left unchanged by the Reserve Bank of India (RBI) on Friday, interest rates in the system are now expected to rise in the next few months, with some economists expecting a repo rate hike as early as in June,
