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%.
Speaking at an event organised by the International Monetary Fund (IMF), Das said policy challenges for the region have accentuated due to the Covid-19 pandemic & the war in Ukraine.
With the second term of three years, Das will head the RBI till December 2024. The decision was taken by the Appointments Committee of Cabinet headed by PM Narendra Modi.
Speaking at the National Academy of Audit and Accounts, Das emphasised the need to improve the quality and depth of audit and said RBI has taken a host of steps in that direction.
Shaktikanta Das said a lockdown, like the one experienced last year, is unlikely and asserted there was no need for a downward revision of RBI's 10.5% GDP growth forecast for FY22.
Over generations, Bihar’s bane has been its utter lack of urbanisation. But now, even Bihar is urbanising. Or let’s say, rurbanising. Two decades under Nitish Kumar have created a new elite in its cities.
Indian govt officials last month skipped Turkish National Day celebrations in Delhi, in a message to Ankara following its support for Islamabad, particularly during Operation Sindoor.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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