General
RBI Maintains Status Quo As Repo Rate Unchanged At 6.5%, Flags Inflation Concern
Mumbai: The monetary policy committee of the Reserve Bank of India (RBI) in its October review meeting unanimously decided to keep the policy repo rate unchanged at 6.5 per cent, thus maintaining status quo for the fourth straight occasions.
While deliberating the policy statement Friday morning, RBI Governor Shaktikanta Das said the central bank is concerned and it has identified high inflation as a major risk to macro-economic stability and sustainable growth.
Das added the monetary policy committee is committed to align India’s headline inflation at 4 per cent level.
Also, the governor noted 5 out of the 6 MPC members are for remaining focused on “withdrawal of accommodation” in monetary policy stance so as to ensure the inflation progressively aligns with the target, while supporting growth.
The three-day bi-monthly monetary policy committee (MPC) meeting of the RBI began on Wednesday, with financial market participants closely monitoring the outcome and the policy stance of the central bank for fresh cues.
RBI typically conducts six bi-monthly meetings in a financial year, where it deliberates interest rates, money supply, inflation outlook, and various macroeconomic indicators.
RBI in its past three meetings – April, June, and August — held the repo rate unchanged at 6.5 per cent. The repo rate is the rate of interest at which RBI lends to other banks.
A relative decline in inflation, barring the latest spike, and its potential for further decline may have prompted the central bank to put the brake on the key interest rate. Inflation has been a concern for many countries, including advanced economies, but India has largely managed to steer its inflation trajectory quite well.
Barring the latest third straight pause, the RBI raised the repo rate by 250 basis points cumulatively to 6.5 per cent since May 2022 in the fight against inflation. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline.
Headline inflation in India rose to 7.8 per cent in July due to a surge in prices of food items like wheat, rice and vegetables, including tomatoes, to later fall to 6.8 per cent in August. Inflation data for September is due in next few days
Maharashtra
Mumbai Mankhurd Shivaji Nagar bridge should be opened for weighing vehicles: Abu Asim Azmi
abu aasim aazmi
Mumbai: Maharashtra Samajwadi Party leader and MLA has demanded in the assembly that a flyover bridge should be started for heavy vehicles to curb fatal accidents in Mankhurd Shivaji Nagar. Fatal accidents are happening every month in Mankhurd Shivaji Nagar. Earlier there were high tension wires on the bridge built on GM Link Road, then the bridge was closed due to heavy vehicles. Later the wires were also removed and the flyover department has also allowed heavy vehicles to pass, however, heavy vehicles are still not being allowed to move. Today in the House, a demand was made to start the movement of heavy vehicles on this bridge. Abu Asim Azmi said that recently a tragic accident took place here in which three people died.
CRIME
Mumbai: Police have claimed to have arrested one of the most wanted accused involved in the 1993 Mumbai riots. Mumbai’s Wadala police arrested a fugitive accused who was on the run for 32 years during an operation to search for wanted accused. 54-year-old Arif Ali Hashimullah Khan has been arrested from Antop Hill. The accused did not appear in court during the hearing. A warrant was also issued against him, after which the police arrested the accused and presented him in the court and the court ordered his remand. This operation was carried out by Mumbai Police Commissioner Deven Bharti and Port Zone DCP Vijay Sagar.
Maharashtra: In the context of the Mumbai Marathi-Hindi controversy, Shishil Kodia has apologized for his controversial statement. He said that his tweet was misrepresented. I am not against Marathi. I have been living in Mumbai and Maharashtra for the last 30 years. I am a fan of Raj Thackeray. I constantly comment positively on Raj Thackeray’s tweets. I tweeted in my emotions and I made a mistake. This tense and tense atmosphere should end. We need a favorable environment to accept Marathi. So I request you to forgive me for this mistake for Marathi. Earlier, Shishil Kodia had made a controversial statement about Marathi and refused to speak Marathi, due to which MNS workers attacked and pelted stones at Shishil’s company WeWork. After which Shishil has now apologized to X
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