Chidambaram not enthused by RBI’s stance

October 30, 2012

chidambaram

New Delhi, October 30: Apparently not enthused by the RBI’s cautious stance, Finance Minister P. Chidambaram on Tuesday said that growth is as much a challenge as containing inflation and government would “walk alone” to face the challenge if it comes to that.

“Growth is as much a challenge as inflation. If government has to walk alone to face the challenge of growth, then we will walk alone,” he said in his reaction to the RBI’s second quarter policy review.

Mr. Chidambaram was apparently upset over RBI’s decision to leave interest rates unchanged on inflation concerns despite the government unveiling a five-year fiscal consolidation road map ahead of the policy.

Although the RBI has lowered the Cash Reserve Ratio (CRR), the portion of deposit banks have to park with the apex bank, by 0.25 per cent, it did not cut interest rates in view on persistent inflationary pressures.

WPI inflation stood at 7.81 per cent in September, much above the RBI’s comfort level of 4-4.5 per cent.

“Government is doing its best to send the clear message that we are on the path of fiscal consolidation. It is my hope that everyone will read and understand the government commitment to path of fiscal consolidation,” Mr. Chidambaram said.

On the policy statement, he quipped: “I have not read the last few paragraphs of the statement but if it holds out hope for the future I look forward to that future.”

He was apparently referring to the RBI’s policy guidance of a likelihood of policy easing in the January-March quarter of the current fiscal.

Mr. Chidambaram further said: “Sometimes it is best to speak, sometimes it is best to remain silent. This is the time for silence”.


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News Network
November 21,2025

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An Indian Air Force (IAF) Tejas fighter jet crashed on Friday, November 21, afternoon during its aerial demonstration at the Dubai Air Show, plunging to the ground at around 2:10 pm local time while performing a manoeuvre before thousands of spectators.

The IAF confirmed the incident, stating that a Tejas aircraft participating in the show had crashed and that further details were being gathered. An Air Force spokesperson said more information would be shared after initial assessments.

The crash sent thick black smoke billowing into the sky near the airport, causing panic among visitors, including families and children who had gathered to watch the display. Authorities have not yet confirmed whether the pilot managed to eject before the aircraft went down. Emergency response teams rushed to the scene, and officials have not released information on casualties or damage so far.

The Tejas is a 4.5-generation, multi-role fighter aircraft developed indigenously by Hindustan Aeronautics Limited (HAL). Designed for versatility, it is capable of offensive air support, close combat, ground attack missions and maritime operations. The aircraft family includes single-seat fighters and twin-seat trainers for both the Air Force and Navy.

HAL describes the latest version, the LCA Mk1A, as the most advanced in the series, featuring an AESA radar, an upgraded electronic warfare suite with radar-warning and self-protection jamming, smart multifunction displays, a digital map generator, a combined interrogator–transponder system and a modern radio altimeter. These enhancements significantly improve the aircraft’s combat capability and survivability.

Further updates from IAF and UAE authorities are awaited.

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News Network
December 4,2025

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Domestic carrier IndiGo has cancelled over 180 flights from three major airports — Mumbai, Delhi and Bengaluru — on Thursday, December 4, as the airline struggles to secure the required crew to operate its flights in the wake of new flight-duty and rest-period norms for pilots.

While the number of cancellations at Mumbai airport stands at 86 (41 arrivals and 45 departures) for the day, at Bengaluru, 73 flights have been cancelled, including 41 arrivals, according to a PTI report that quoted sources.

"IndiGo cancelled over 180 flights on Thursday at three airports-Mumbai, Delhi and Bengaluru," the source told the news agency.

Besides, it had cancelled as many as 33 flights at Delhi airport for Thursday, the source said, adding, "The number of cancellations is expected to be higher by the end of the day."

The Gurugram-based airline's On-Time Performance (OTP) nosedived to 19.7 per cent at six key airports — Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad — on December 3, as it struggled to get the required crew to operate its services, down from almost half of December 2, when it was 35 per cent.

"IndiGo has been facing acute crew shortage since the implementation of the second phase of the FDTL (Flight Duty Time Limitations) norms, leading to cancellations and huge delays in its operations across the airports," a source had told PTI on Wednesday.

Chaos continued at several major airports for the third day on Thursday because of the cancellations.

A spokesperson for the Kempegowda International Airport (KIA) in Bengaluru said that 73 IndiGo flights had been cancelled on Thursday.

At least 150 flights were cancelled and dozens of others delayed on Wednesday, airport sources said, leaving thousands of travellers stranded, according to news agency Reuters.

The Directorate General of Civil Aviation (DGCA) has said it is investigating IndiGo flight disruptions and has asked the airline to submit the reasons for the current situation, as well as its plans to reduce flight cancellations and delays.

It may be mentioned here that the pilots' body, Federation of Indian Pilots (FIP), has alleged that IndiGo, despite getting a two-year preparatory window before the full implementation of new flight duty and rest period norms for cockpit crew, "inexplicably" adopted a "hiring freeze".

The FIP said it has urged the safety regulator, the DGCA, not to approve airlines' seasonal flight schedules unless they have adequate staff to operate their services "safely and reliably" in accordance with the New Flight Duty Time Limitations (FDTL) norms.

In a letter to the DGCA late on Wednesday, the FIP urged the DGCA to consider re-evaluating and reallocating slots to other airlines, which have the capacity to operate them without disruption during the peak holiday and fog season if IndiGo continues to "fail in delivering on its commitments to passengers due to its own avoidable staffing shortages."

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