RBI repo rate unchanged; real GDP growth projected at minus 7.5% for 2021

News Network
December 4, 2020

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RBI keeps policy repo rate unchanged at 4%. Signs of economic recovery far from broad-based, said RBI Governor Shaktikanta Das. This is the third time that the RBI has maintained status quo.

Das also said that the central bank will continue the accomodative stance as long as needed, implying more rate cuts in the future if need arises to support the economy hit by the Covid-19 pandemic.

The Marginal Standing Facility (MSF) rate and the bank rate remain unchanged at 4.25%. The reverse repo rate remains unchanged at 3.35%.

Inflation spiral being fuelled by supply chain disruptions, excessive margins and indirect taxes, the RBI governor said

"Monetary Policy Committee (MPC) was of the view that inflation is likely to remain elevated with some relief in the winter months from prices of perishables and bumper Kharif arrivals," Das said.

Real GDP growth projected at -7.5%, the RBI projected inflation at 6.8% for Q3 of this fiscal.

 He said MPC voted for keeping interest rate unchanged and continued with its accommodative stance to support growth.

The central bank had slashed the repo rate by 115 basis points since late March to support growth.

RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.

The 26th meeting of the rate-setting MPC with three external members -- Ashima Goyal, Jayanth R Varma and Shashanka Bhide -- began on December 2. This is the second meeting of these members who are appointed for a term of four years.

The government moved the interest rate setting role from the RBI Governor to the six-member MPC in 2016. Half of the panel, headed by the Governor, is made up of external independent members.

MPC has been given the mandate to maintain annual inflation at 4 per cent until March 31, 2021, with an upper tolerance of 6 per cent and a lower tolerance of 2 per cent.

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News Network
March 28,2024

Mangaluru, Mar 28: Dakshina Kannada deputy commissioner Mullai Muhilan MP has warned the individuals and political parties against the poll code violations during private events. 
 
“Private events such as marriages, birthdays, housewarming ceremonies, and other non-political programmes do not require any permission. However, one should ensure that there is no violation of the model code of conduct (MCC) at these functions. Permission is needed if the events are attended by politicians or candidates,” the DC said. 

He said that these gatherings will be under the surveillance of MCC teams, as there are chances of luring voters by campaigning and supplying food, said the DC. The district has 38,386 new voters, of which, 19,619 are men.

He said that the notification of election in Dakshina Kannada Lok Sabha constituency will be issued soon, and the filing of nominations will be held between 11 am and 3 pm till April 4. 

Only five persons, including the candidate, will be allowed to enter the returning officer’s chamber to submit the nominations. A facilitation centre will be opened at the DC’s office. 

The expenditure of the candidate will be counted from the day the candidate files the nomination.

The DC said that the district is not an expenditure-sensitive constituency. Assistant expenditure observers and expenditure observers will monitor the expenditure of the candidates. An expenditure book will be provided to the candidate to record expenditure incurred, he explained.

Further, he said that no election materials can be printed without the name and address of the publishers, and the number of copies printed. Separate permission should be availed for procession prior to the submission of nomination papers from the ARO office, through the single-window system.

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News Network
March 16,2024

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New Delhi: The 2024 general election for 543 Lok Sabha seats will be held in seven phases from April 19, Chief Election Commissioner Rajeev Kumar said today, announcing the largest democratic exercise in the world. Results will be announced on June 4.

The seven phases: 
April 19
April 26
May 7
May 13
May 20
May 25
June 1

Simultaneous election for Lok Sabha and assembly will be held in four states -- Sikkim, Odisha, Arunachal Pradesh and Andhra.  

By-elections will also be held for 26 assembly seats across multiple states, including Bihar, Gujarat, Haryana, Jharkhand, Maharashtra, Rajasthan and Tamil Nadu.

Mr Kumar, announcing the dates, sent out a strong message on fake news on social media, saying political parties should ensure responsible social media behaviour -- "verify before you amplify".

"Fake news will be dealt with severely as per existent laws.. Section 79 (3)(B) of the IT Act empowers nodal officers in each state to remove unlawful content," he said.

The other strong message was on violation of model code in terms of hate speeches. "There should be issue-based campaign, no hate speeches, no speeches along caste or religious lines, no criticism of anyone's personal lives," he said.

The media must clarify when they carry political adverts, those cannot masquerade as news, he said. Individual messages regarding this would be sent to the candidates, he added.

The commission has employed 2,100 advisors to keep an eye on these issues and strong action will be taken regarding this, he said.

Voters above the age of 85 years and persons with disabilities, with 40 per cent disability can vote from home, Mr Kumar said. Around 82 lakh voter are above the age of 85, he said.

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News Network
March 26,2024

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Hyderabad: The K Chandrashekar Rao-led Bharat Rashtra Samithi faces big questions as shocking allegations of state police officers tapping the phones of then Opposition leaders in Telangana, including current Chief Minister Revanth Reddy, celebrities and businessmen come to the fore.

The surveillance, it is alleged, was also used to blackmail businessmen into contributing huge amounts to the BRS party fund.

The BRS is yet to respond to the allegations.

Three senior police officers have been arrested in this connection and a lookout notice issued against T Prabhakar Rao, former chief of the state intelligence bureau, who is reportedly in the US now.

Police have said two senior officers - Additional Superintendent of Police Bhujanga Rao and Additional Superintendent of Police Thirupathanna - have admitted to illegal surveillance and destruction of evidence.

According to reports, Ravi Paul, a technical consultant with the state intelligence bureau under the then BRS government, had allegedly helped import and set up phone-tapping equipment near the residence of Mr Reddy to listen in on his conversations.

The equipment, it is alleged, was imported from Israel using a software company as the front. No permission from the Centre - a must for such imports - was taken, it is learnt. With this setup, anything spoken within a range of 300 metres could be heard, reports say.

Ravi Paul, it is alleged, set up an office near Mr Reddy's residence and installed the device. Police are set to question him in this connection.

Lookout notices have also been issued for Sharvan Rao, who runs a Telugu TV channel I News, and Radha Kishan Rao, a police officer with the city task force.

The surveillance was not restricted to Opposition leaders. Top businessmen, including real estate dealers and jewellers, and celebrities were also under surveillance. In fact, the tapping of phone conversations led to the divorce of a celebrity couple, reports say.

To add to the BRS's troubles, Chief Minister Reddy has received a complaint from Sharan Chaudhary, a businessman and a BJP leader, alleging that senior police officers kidnapped him last year and forced him to sign off a plot of land to a relative of former minister and BRS leader Errabelli Dayakar Rao.

Mr Chaudhury has alleged that Radha Kishan Rao and senior police officer ACP Umamaheswara Rao kidnapped him on August 21 while he was on his way to office. He has alleged that he was illegally detained and forced to register his property in the name of Vijay, a close relative of the minister. He was also forced to pay ₹ 50 lakh before they let him go.

The businessman has said he had approached the High Court after the incident, but Uma Maheshwar Rao threatened to file false cases against him and forced him to withdraw the petition.

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