RBI Governor Shaktikanta Das said that to reduce inflation, the central banks of the world have increased interest rates. Due to this, a reduction in economic activity or less availability of funds for lending has increased the risk of recession. However, the situation in India is quite different and there is no possibility of a recession here.
Speaking at the annual conference of RBI's Department of Economic and Policy Research (DEPR), Das said inflation in advanced economies has been persistent rather than temporary. The dollar strengthened on an aggressive interest rate hike by the US central bank, the Federal Reserve. He said that the average inflation from June 2016 to February 2020 has been 3.9 percent. It was an issue of research at that time that due to what reasons inflation remained under control at that time. Earlier, the governor had said that RBI is working with the government to control inflation. The central bank has tried to reduce inflation by increasing the repo rate, while the government is increasing the supply.
The growth rate will be up to seven percent in 2023-24: Rajeev Kumar
Amid rising apprehensions of the world going into recession, former Vice Chairman of NITI Aayog Rajiv Kumar said that India will remain untouched by it. Although the Indian economy may be affected by uncertain global conditions, domestic GDP will grow at a rate of six to seven percent in 2023-24. He said that the economies of America, Europe, Japan, and China are coming down. In such a situation, this situation can lead the global economy toward recession in the coming months. The good thing is that there is no such apprehension of recession in India. On the question of high inflation, he said that retail inflation would probably remain in the range of 6-7 percent for some more time. After that, it will start coming down after going to the peak.
On the impact of a falling rupee on the common man, he said the common Indian does not consume a large number of imported goods and services.
On India's growing trade deficit, said that export growth in October has been negative. In such a situation, it is clear that the country needs to pay policy attention in this area so that the export of both goods and services can be increased.
Banks increase EBLR by 1.9 percent with an increase in repo rate
With the increase in the repo rate since May this year, all major commercial banks have raised their external benchmark-based lending rates (EBLR) sequentially by 1.9 percent. However, banks have been slow in raising deposit rates. According to the central bank's article, banks have increased the EBLR by 1.9 percent from May till the end of October 2022. During this period, the marginal cost-based lending rate (MCLR) of the fund increased by 0.85 percent. This increase has happened for one-year MCLR. In comparison, the interest rates on fixed deposits have increased by a meager 0.48 percent. Banks have increased their wholesale deposit rates more than retail deposit rates.
Also Read: Cabinet Decision: Pension of freedom fighters doubled in Maharashtra, EWS reservation also approved
NASA signs $ 115 million agreement with Boeing, know what will change in aviation
NASA Boeing Partnership: American Space Agency NASA and aircraft manufacturer Boeing are working together on a project that will make future flights environment-friendly. NASA and Boeing will work
SRH vs CSK: Not Ruturaj Gaikwad, this player will change the luck! You can bet on these eleven players
Sunrisers Hyderabad (SRH) and Chennai Super Kings (CSK) will be eyeing a winning comeback when they face each other in the 18th match of the Indian Premier League 2024 on Friday.
Ind vs Eng 5th Test: Ashwin-Johnny will score special 'centuries' in Dharamshala, history will be repeated after 11 years in Test cricket
The last Test of the ongoing five-match Test series between India and England (Ind vs Eng 5th Test) will start on March 7 in Dharamshala. The Indian team has already captured the series 3-1 by
Ayodhya: Ram temple will be protected from all three sides, water, land, and sky, Rs 38 crore will be spent on a security plan
About 38 crore rupees will be spent on the security plan of the temple of Ramlala. The funds have been approved and the responsibility of construction has been handed over to UP Nirman Nigam. Its DPR
'Protecting the global economy from risk' is the main concern of G-20, Jaishankar said - The government has taken steps to reduce inflation
External Affairs Minister S Jaishankar said that the main concern of the G-20 would be to find ways to protect the global economy from risks. Jaishankar addressed a program organized here on Sunday on
Operation Silkyara: The patience of the workers trapped in the tunnel for six days is now giving way... They said - when will you take us out?
The patience of the workers trapped in the Silkyara tunnel for the last five days is now wearing thin. He is asking when will you throw us out. MD Rizwan, who is doing welding work in the tunnel, gave
Article 370: Security tightened in Jammu and Kashmir before 'Supreme' decision, ban on convoys of security forces in the valley
Security has been beefed up in Srinagar ahead of the Supreme Court's decision on petitions challenging the abrogation of Article 370 in Jammu and Kashmir.
Musk jumped into the Biden-Trump fight: told on Twitter the story of Biden's son suppressing the laptop controversy; Hunter was trapped 2 years ago
Elon Musk has exposed the reality of the decision to cover up the Hunter Biden story on Twitter. Musk has started a series called \'Twitter Files\' on his microblogging site. Under this, he is sharing
Udhayanidhi Stalin: 'I am ready to give more money', announces the saint who placed a reward of Rs 10 crore on udhayanidhi's head
Sanatan Dharma Row: Tamil Nadu Chief Minister MK Stalin's son and Minister Udhayanidhi Stalin's comment on Sanatan Dharma has created an uproar. He is facing a lot of criticism for comparing Sanatan
Russia-Ukraine War: America will give another military aid package of US $ 3.75 billion to Ukraine
America has once again extended its hand to give military and economic help to Ukraine. The US has announced more than USD 3.75 billion in military aid for Ukraine and European allies. US Secretary of