The central bank kept the key repo rate unchanged for an eighth straight policy meeting earlier this month saying robust economic growth will give it space to focus on bringing down inflation towards its medium-term target.
Retail inflation averaged scorching 10% in that period. Between March 2010 & October 2011, central bank raised repo rate 13 times, from 4.75% to 8.5% per annum.
In my view as the finance secretary during UPA II govt, the least RBI could have done was not to further depress the sentiment with doomsday prophecies.
In its monetary policy statement, the RBI projected the real GDP growth for the current fiscal at 6.5%, while the retail inflation was projected at 5.4%.
The US military operation in Venezuela raises global concern. Experts say that Trump’s action could weaken global legal standards and fuel geopolitical instability.
The latest comment comes as New Delhi and Washington have yet to sign a trade agreement. India’s purchase of Russian oil has reduced, but Moscow remains top source for crude.
If deal goes through, Greece will be 2nd foreign country to procure vehicle. Morocco was first; TATA Group has set up manufacturing unit there with minimum 30 percent indigenous content.
Many of you might think I got something so wrong in National Interest pieces written this year. I might disagree! But some deserve a Mea Culpa. I’d deal with the most recent this week.
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