Business
RBI keeps lending rates intact, remains accommodative
To support a durable as well as lasting economic recovery amid concerns over the Omicron variant of the coronavirus, the Reserve Bank of India on Wednesday retained its key lending rates along with the growth-oriented accommodative stance during the pan-ultimate monetary policy review of FY22.
The Monetary Policy Committee (MPC) of India’s central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks at 4 per cent.
Repo Rate (RR) is the rate at which the RBI lends money to commercial banks or financial institutions against government securities.
The reverse repo rate was also kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the ‘Bank Rate’ at 4.25 per cent.
It was widely expected that MPC would hold rates along with the accommodative stance.
In a virtual address after the MPC’s bi-monthly meet, RBI Governor Shaktikanta Das said that economic recovery disrupted by the second wave of the pandemic is gaining traction.
However, this recovery is still not strong enough to be self sustaining and durable, thereby, supportive policy measures such as accommodative stance are required.
Besides, RBI retained India’s FY22 GDP growth projection at 9.5 per cent.
Das pointed out that GDP is expected to grow at 6.6 per cent in Q3, 6 per cent in Q4, 17.2 per cent in Q1FY23 and at 7.8 per cent for Q2FY23.
“Overall, the recovery that had been interrupted by the second wave of the pandemic is regaining traction, but it is not yet strong enough to be self-sustaining and durable. This underscores the vital importance of continued policy support,” Das said.
“Downside risks to the outlook have risen with the emergence of Omicron and renewed surges of Covid-19 infections in a number of countries.”
Furthermore, the CPI-based inflation is projected at 5.3 per cent for FY22.
The CPI inflation is expected to ease to 5 per cent in Q1FY23 and stay at 5 per cent in Q2FY23.
“In the current situation, it is important to keep inflation aligned with the target while focusing on a robust growth recovery,” Das said.
“Simultaneously, the Reserve Bank remains cognisant of the need to ensure that financial conditions are rebalanced in a systematic, calibrated and well-telegraphed manner while preventing build-up of financial stability risks,” the RBI governor added.
Business
Emirates resumes flight operations after temporary suspension at Dubai airport (Lead)

New Delhi, March 7: Emirates has resumed flight operations after temporarily suspending services to and from Dubai International Airport due to safety concerns, the airline said on Saturday in an update on social media.
In an update shared on the social media platform X, the airline said passengers with confirmed bookings for flights scheduled later in the day can now proceed to the airport.
The airline also said the advisory applies to travellers who are transiting through Dubai, provided their connecting flights are operating as scheduled.
“Our post from 11:08am Dubai time regarding operational status is no longer current, and has been deleted to avoid causing unnecessary confusion,” it said.
“Passengers who have confirmed bookings for this afternoon’s flights may proceed to the airport. This includes customers transiting in Dubai if their connecting flight is also operating,” the airline added.
Emirates advised passengers to check the status of their flights and seat availability through its official channels before heading to the airport. This is to ensure that their flights are operating as scheduled.
The airline added that it is closely monitoring the situation and will make adjustments to its operational schedule if required.
“Emirates continues to monitor the situation, and we will develop our operational schedule accordingly,” the airline stated.
“We would like to thank our customers for their understanding and patience. The safety of our passengers and crew is our highest priority and will not be compromised,” it mentioned.
Meanwhile, earlier in the day, the airline said it has temporarily suspended all flights to and from Dubai until further notice, advising passengers not to travel to the airport while operations remain halted.
In that earlier post, the airline said it will provide further updates once more information becomes available. It stressed that passenger and crew safety remains its top priority.
However, the post has been deleted now as it was creating confusion among travellers, the airline noted.
Business
AI, 6G, Quantum Computing to drive India-Finland strategic partnership: PM Modi

New Delhi, March 5: Prime Minister Narendra Modi on Thursday said that India and Finland are working to strengthen their ties as a strategic partnership in digitalisation and sustainability, which will accelerate collaboration in advanced technologies ranging from Artificial Intelligence and 6G telecommunications to clean energy and quantum computing.
Speaking after holding bilateral talks with Finnish President Alexander Stubb, the Prime Minister highlighted that cooperation in these high-tech sectors will add new energy and direction to relations between the two countries.
“We are shaping India-Finland relations into a strategic partnership in digitalisation and sustainability,” Prime Minister Modi stated.
“This partnership, from AI to 6G telecom, from clean energy to quantum computing, will give momentum and energy to our cooperation in many high-tech areas,” PM Modi mentioned.
PM Modi also noted that the historic India-European Union Free Trade Agreement, reached earlier this year, will further strengthen trade, investment and technology collaboration between India and Finland.
The two leaders held detailed discussions at Hyderabad House in the national capital, where they explored ways to expand cooperation across several sectors and deepen economic engagement between the two nations.
“In early 2026, a historic India-European Union Free Trade Agreement was signed. This Agreement will further strengthen trade, investment, and technology cooperation between India and Finland,” Prime Minister Modi said.
According to the Ministry of External Affairs, the talks covered a wide range of issues aimed at enhancing bilateral cooperation and strengthening strategic ties.
Both sides also exchanged views on regional and global developments and discussed cooperation in multilateral forums.
Prime Minister Modi also hosted a lunch in honour of President Stubb following the talks.
Earlier in the day, External Affairs Minister S. Jaishankar met the Finnish President and discussed bilateral ties ahead of the high-level meeting with the Prime Minister.
EAM Jaishankar said he also looked forward to President Stubb’s address at the Raisina Dialogue, where the visiting leader is scheduled to deliver the keynote speech.
Business
Gold, silver surge over 1 pc amid escalating conflict in Middle East

New Delhi, March 4: Gold and silver prices climbed over 1 per cent on Wednesday amid escalating conflict between the US‑Israeli combine and Iran, driving safe haven demand.
MCX gold April futures gained 1.04 per cent to Rs 1,62,790 per 10 grams around 11.30 am on an intraday basis. Meanwhile MCX silver May futures gained 1.84 per cent to Rs 2,70,200 per kg.
Increased tensions in the Middle East and chances of energy disruption pushed investors toward safe‑haven assets and while concerns about inflation in the US led to investors considering prospects of the US Federal Reserve keeping interest rates unchanged for longer.
Gold and silver exchange-traded funds (ETFs), however, saw a steep correction on Wednesday despite gains in precious metals. Major silver ETFs dipped 7.12 per cent to 7.43 per cent, while Gold ETFs dropped between 3–3.87 per cent.
Spot gold rose around 1 per cent to $5,138.46 an ounce, while US gold futures for April delivery gained 0.5 per cent to $5,147.10. Gold has jumped 19 per cent year‑to‑date after surging 64 per cent in 2025, driven by geopolitical turmoil and strong central bank buying.
The dollar index surged 0.15 per cent to 99.20, making greenback-backed bullion expensive for buyers in overseas currencies, capping further gains in the yellow metal.
US President Donald Trump said American forces had struck numerous Iranian naval and air targets, while Iran targeted critical oil infrastructure across the Gulf region.
This led investors to pull back from equities amid fears of wider disruption to energy markets and shipping routes.
WTI crude climbed above $75 a barrel, extending a two-day gain of approximately 11 per cent. Brent traded near $81 a barrel as the widening Middle East conflict and shipping disruptions through the Strait of Hormuz kept supply risks firmly in focus.
Investors remain keen on cues from US Manufacturing and Non-Manufacturing PMI, ADP Non-Farm Employment Change and Unemployment data for assessing the direction of Federal Reserve policy.
“Gold has support at Rs 1,58,000 and Rs 1,62,000 while resistance at Rs 1,75,000 and Rs 1,80,000. MCX silver has support at Rs 2,50,000 and Rs 2,70,000, and resistance is at Rs 3,00,000 and Rs 3,20,000,” an analyst said.
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