Goyal was one of the 2 members who voted against a rate hike and for the policy stance to be changed to 'neutral' from the current 'withdrawal of accommodation' at the February meet.
Markets were expecting pause in rate hike cycle after 25 basis points hike but RBI gave no such assurance. Globally, too, central banks have continued to tighten monetary conditions.
While overall inflation is moderating, high and persistent core inflation remains a worry, as does the uncertain global growth & inflation environment, the governor said.
RBI governor Shaktikanta Das also projected a GDP growth of 6.4% for 2023-24; a reduced retail inflation at 6.5% for 2022-23; and 5.3% for the next fiscal.
Overall CPI inflation has been below 6% for last two months & growth is expected to slow in second half of FY23. But high core inflation could still result in marginal rate hike.
RBI's rate hike also among decisions announced last week that might pay political dividends in state polls, but could come with commensurate economic costs, say economists.
This is the fourth straight raise by the RBI, which has has now raised rates by a total 190 basis points since its first unscheduled mid-meeting hike in May.
On Wednesday, US Federal Reserve hiked its Federal Funds Rate by 75 basis points. It spurred a global sell-off and led to the rupee crossing the psychological 80-to-a-dollar mark.
Imposition of formal rights and digital compliance mechanisms introduces new expectations for both employers and workers. This transition will require sustained awareness efforts.
While global corporations setting up GCCs in India continue to express confidence in availability of skilled AI engineers, the panel argued that India’s real challenge lies elsewhere.
Wing Commander Namansh Syal is survived by his wife, their 6-year-old daughter and his mother. Back in his native village, relatives and neighbours wait for his remains for last rites.
It is a brilliant, reasonably priced, and mostly homemade aircraft with a stellar safety record; only two crashes in 24 years since its first flight. But its crash is a moment of introspection.
COMMENTS