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
April 24,2024

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Pro-Gaza US protesters in New York's Columbia University say they will stay put despite the university's harassment and police crackdown.

The protesters said they refuse to concede to "cowardly threats and blatant intimidation" by university administration, asserting that they will continue to peacefully protest.

Columbia University threatened the students with the national guard after refusing to bargain in good faith.

The university announced a midnight deadline for talks regarding the removal of pro-Palestine encampments on the varsity campus, warning that their campsite will be forcefully cleared by police if no agreement is reached.

The university campus is being used as a campsite for hundreds of pro-Palestine protesters and other activists, who have gathered and set up numerous tents.

Pro-Palestinian protests at colleges have demanded that their universities divest from corporations doing business with Israel or profiting off the war in Gaza. At Columbia, protesters have also asked the university to end a dual-degree program with Tel Aviv University.

The deadline was announced by Columbia University President Minouche Shafik late Tuesday, as authorities across major American universities have launched their repression campaigns against the pro-Palestinian protests on campuses, amid rising anger over US's support for Israel. 

Shafik has issued a midnight deadline to protesters and organizers, warning that failure to comply will result in the forcible clearance of the camp by the New York Police Department (NYPD).

The university has engaged in discussions with student leaders behind the protests, which are part of a series of protests taking place at various colleges nationwide and resulting in multiple arrests.

The purpose of these talks is to address the encampment on the west lawn of Columbia's Morningside Heights campus.

American universities are grappling with the challenge of maintaining a delicate balance between the right to protest and freedom of speech, while also ensuring campus rules and safety, as tensions surrounding the ongoing war in Gaza continue to permeate across campuses.

Meanwhile, Shafik underscored the importance of free speech and the right to demonstrate, but highlighted significant safety issues, disruptions to campus activities, and a strained environment due to the encampment. She firmly stated that any form of intimidation, harassment, or discrimination would not be accepted.

The arrest of more than 100 protesters at Columbia University last week led to more campus demonstrations, at New York University, Yale, and the University of California, Berkeley.

Palestinian university professor Sami al-Arian said what is happening across US university campuses is unprecedented.

Al-Arian said, "I lived four decades in the US, 28 years of which were in academic settings. During my time, it was a very challenging struggle to present an anti-Zionist narrative."

"But the passion, courage, humanity, creativity, and determination displayed these days by students across US campuses make me proud. The Zionist grip on US society is weakening and waning."

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News Network
May 4,2024

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Canadian Police said they have arrested three Indians they suspect were part of the alleged hit squad that had killed Hardeep Singh Nijjar, a Sikh separatist leader involved with the Khalistan movement, which calls for an independent Sikh state.

Nijjar's killing had become the epicentre of a diplomatic row between India and Canada last year after Prime Minister Justin Trudeau alleged the role of "Indian agents" in the murder. India had rejected the charge as "absurd" and "motivated".

The three arrested Indians - Karan Brar, 22, Kamalpreet Singh, 22, Karanpreet Singh, 28 - were living as non-permanent residents in Alberta for three to five years, said Superintendent Mandeep Mooker, who leads the Integrated Homicide Investigation Team. The police have also released their photos.

They have been charged with first-degree murder and conspiracy to commit murder, showed court documents.

Police said that none of the suspects were known to them earlier and they were investigating their possible ties to the Indian government.

The murder remains "very much under active investigation," Royal Canadian Mounted Police (RCMP) Assistant Commissioner David Teboul told a press conference on Friday.

"There are separate and distinct investigations ongoing into these matters, certainly not limited to the involvement of the people arrested today, and these efforts include investigating connections to the government of India," CTV News quoted him as saying.

Nijjar, a Canadian citizen who was wanted in India on various terror charges, was shot dead outside a gurdwara in Surrey on June 18, 2023. Trudeau's charge against India sparked a massive row later that year with both countries expelling diplomats of the other country.

A fresh row erupted earlier this week after separatist slogans on 'Khalistan' were raised at an event addressed by Trudeau, prompting New Delhi to summon their Deputy High Commissioner and lodge a strong protest.

On the sidelines of the event, Trudeau told reporters that Nijjar's killing had created a "problem" that he could not have ignored.

India rejected his comment and said it once again showed Canada provides political space given to separatism, extremism, and violence. "This not only impacts India-Canada relations but also encourages a climate of violence and criminality in Canada to the detriment of its own citizens," foreign ministry spokesperson Randhir Jaiswal said.

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News Network
May 3,2024

Bengaluru: In a fresh development in the alleged Hassan sex abuse case, JD(S) MLA H D Revanna, who was accused of sexually harassing his house help, has been booked for kidnapping a victim allegedly sexually assaulted by his son, Hassan MP Prajwal Revanna. The case was filed late Thursday evening at the KR Nagar police station in Mysuru.

The 20-year-old complainant from KR Nagara accused one Sathish Babanna of taking his mother away forcibly and keeping her in an unknown location at the behest of Revanna.

As per the FIR, Revanna has been named as accused 1 while Babanna was accused 2. The duo were booked under IPC Sections 364A (kidnapping for ransom), 365 (kidnapping or abducting with intent secretly and wrongfully to confine a person) and 34 (acts done by several persons in furtherance of common intention).

The complainant claimed that his mother, whose name and age were not revealed, had worked as a help in Revanna’s house and farm in Holenarasipura for six years, quit the job three years ago and returned to KR Nagara. She then worked for daily wages.

“Nearly three to four days before the Lok Sabha election, Sathish Babanna, who is known to us and hailed from our native place, took my mother to Holenarasipura after saying that Bhavani Revanna, the wife of MLA Revanna, had asked for her,” the complainant alleged, adding that Babanna dropped her back on the day of the polls.

Babanna allegedly told the victim’s mother and father to remain silent and evade the police if they came looking for them and to inform him of the developments.

On April 29, at around 9 pm, when the complainant was home, the suspect Babanna arrived, told the complainant’s mother that Revanna had asked for her and took her away on his motorcycle. The complainant claimed that he wasn’t aware of where Babanna took his mother and he had told him that if the police found her, a case would be registered and they would all go to jail.

On May 1, two of the complainant’s relatives called him on the phone and told him that there was a video of his mother being sexually assaulted by Prajwal and that it was a huge case, the FIR noted. He was also informed by his two friends of his "mother's videos being circulated".

When he asked Babanna later that night, he was allegedly told that there was a photo of his mother standing with a stick when Prajwal had quarrelled with someone earlier and an FIR had been registered. Babanna told the complainant that his mother would have to be released on bail, the FIR noted.

“Babanna told me not to speak on the matter on my phone and asked me to talk from a different phone,” he said, seeking action from the police.

The case has been transferred to the Special Investigation Team (SIT) set up to probe the Hassan sex scandal as per the government order.

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