Policy support: RBI MPC retains accommodative stance, rates (Roundup)

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Mumbai, April 7 | To support a faster economic recovery amid a resurgence of Covid-19 cases, the Reserve Bank of India on Wednesday retained its key short-term lending rates along with the growth-oriented accommodative stance at the first monetary policy review of FY22.

Accordingly, the Monetary Policy Committee (MPC) of the central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks at 4 per cent.

Likewise, the reverse repo rate was kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the ‘Bank Rate’ at 4.25 per cent.

In a virtual address after the Monetary Policy Committee’s bi-monthly meet, RBI Governor Shaktikanta Das said that the growth rate forecast has been retained at 10.5 per cent.

Besides, he said India’s GDP is expected to grow on the back of accelerated anti-Covid vaccination drive as well as gradual release of pent up demand. However, he warned against the resurgence of Covid-19 infections and high commodity prices.

Furthermore, the RBI has pegged retail inflation for the April-June quarter of the current financial year at 5.2 per cent. Das said the evolving CPI inflation trajectory is likely to be subjected to both upside and downside pressures.

“The bumper foodgrains production in 2020-21 should sustain softening of cereal prices going forward, while the prices of pulses, particularly tur and urad, remain elevated, the incoming rabi harvest arrivals in the markets and the overall increase in domestic production in 2020-21 should augment supply which, along with imports, should enable some softening of these prices going forward,” he said.

The RBI Governor cited that while edible oils inflation has been ruling at heightened levels with international prices remaining firm, reduction of import duties and appropriate incentives to enhance productivity domestically could work towards a better demand-supply balance over the medium-term.

Suggesting that the states and the Centre should take steps to control the rising fuel prices, Das said: “Pump prices of petroleum products have remained high. Reduction of excise duties and cesses and state level taxes could provide some relief to the consumers on top of the recent easing of international crude prices. This could slow down the propagation of second round effects.”

The impact of high international commodity prices and increased logistics costs are being felt across manufacturing and services sectors, he added.

Inflation expectations of urban households one year ahead showed a marginal increase over the three months ahead horizon, according to the RBI’s March 2021 survey.

“Taking into consideration all these factors, CPI inflation is now projected as 5.0 per cent in Q4:2020-21; 5.2 per cent in Q1:2021-22, 5.2 per cent in Q2, 4.4 per cent in Q3 and 5.1 per cent in Q4, with risks broadly balanced,” it said.

Meanwhile, the India Inc welcomed the MPC decision with stock markets rallying after RBI’s announcements.

“With the MPC forecasting CPI inflation to average around 5 per cent in FY2022, rate cuts seem to be ruled out unless economic activity is severely disrupted by the ongoing wave of Covid-19,” said Aditi Nayar, Principal Economist, ICRA.

“At the same time, early rate hikes appear extremely unlikely, with inflation expected to remain below the 6 per cent upper threshold of the MPC’s newly renewed medium-term target range. Therefore, we maintain our view of an extended pause in the repo rate through 2021, with a low likelihood of an upward revision in the reverse repo rate over the next two quarters,” Nayar added.

According to Sunil Kumar Sinha, Principal Economist, India Ratings and Research: “Growth recovery from the Covid-19 induced slump has been sharper than anticipated. However, the second wave of Covid-19 infections in certain parts of the country and the associated localised lockdowns could adversely impact the growth impulses in the economy and delay the return to normalcy despite the ongoing vaccination drive. Further, the downside of the sharper than anticipated recovery has been an abrupt rise in the global commodity prices leading to cost-push pressure on inflation.

“Though cost push pressure has partially been offset by the normalisation of supply chains, it will remain a driver of future inflation. While growth outlook and consumer sentiment once again looks somewhat unstable due to the second wave of Covid-19 infections, inflation outlook amid the bumper foodgrain production and rising global commodity prices appear to be more evenly balanced. Thus Ind-Ra believes RBI to continue with its accommodative policy stance and maintain status quo on policy rate over the next six to nine months.”

Source: IANS

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Meet Gurmeet singh Shunty A New Superhero With Turban

Meet Gurmeet singh Shunty A New Superhero With Turban

In the last year, the whole world was struck by a large pandemic. The year 2020 came with a pandemic called coronavirus which affected the whole world badly. Coronavirus in India resulted in great downfalls in health, economy, unemployment, and so on. Lakhs of People Lost their lives, jobs, and their loved ones. The whole year was very disturbing for each section of society. Coronavirus in India resulted in great downfalls of health, economy, unemployment, and so on. The whole year passed with a large Tension and fear for all the peoples. In the hard times of coronavirus spread, a lot of peoples came out and helped the person in need and It is one of the very few positive effects of Covid-19.

During the blast of the Covid-19 pandemic in the world our volunteers have demonstrated an exceptional display of solidarity across the world and our society. However, this is also the year which witnessed the world coming together to fight coronavirus. The year with its share of trials and tribulations threw up some exemplary work being done by organisations and individuals in this difficult time as the pandemic spread, a new breed of warriors with an indomitable spirit stood up bravely against it to take on the challenge head on.

In the hard times of lockdown, a lot of peoples came out and helped the person in need and It helped the society to live again with a hope of being helped in bad time. During the Large spread of the Covid-19 pandemic in the world our leaders of the society have demonstrated an exceptional display of solidarity across the world and in our society too. They did a Great work in every aspect needed at that time, from Responding to calls for help from their local communities to help them by going on roads, they are everyday heroes who came as a preserver for them.

They do wear masks and face shields to protect themselves and spread awareness in the society to follow each rule and regulation. We can say that there are many things which has spread faster than the coronavirus during the pandemic, it has been the noble works, fearless steps, selfless service and recognition of Gurmeet Ji and his supporters who continued to work day and night to save other’s lives. He also set up camps and volunteer help alongside highways and by roadsides, just to provide relief and support the migrant workers going back to their places all over India.

Among the Great hidden heroes who worked day and night to fight during lockdown, one such person is Gurmeet Singh shunty ji, who is the ex general secretary of delhi sikh gurudwara committee.Being at such great post he always learned to do sewa and that teaching has been always with him which dedicated him towards the society to work for the people of his own nation and humanity. Gurmeet Ji worked 24×7 , without caring of himself. He is the person who have been stepping in to help during the pandemic and they all have been a portrait of selflessness and optimism to this society.

Gurmeet Ji believe that our selfless acts or Sewa in any form must be done to save humanity, Sewa require a true heart and helping nature which will bring both helper and victim happy. During the tough times of coronavirus, Gurmeet Ji and his volunteers came out of their comfort zones to help lakhs of migrants workers who wanted to go back to their hometown during the COVID-19 lockdown. So in that  time  when the world undergoes such vast pandemics which affects all the person Whether it’s a small or large donation of money, resource or humanity, each things matter.

During the tough times of coronavirus, when everyone was thinking of themselves First, Gurmeet Ji and his volunteers came out of their comfort zones to help lakhs of migrants workers who wanted to go back to their hometown during the COVID-19 lockdown.Despite of being older in age,He did not let himself to be inside house and watch news of the suffering surroundings but he helped as many people as he could during the crisis by arranging food, buses, trains and most importantly by giving a warmth of love and care.He created a large team just to help the peoples in problem and inspired many others to do so. We can say that there are many things which has spread faster than the coronavirus during the pandemic, it has been the noble works, fearless steps, selfless service and recognition of Gurmeet Ji and his supporters who continued to work day and night to save other’s lives by risking his own and his family’s health. They didn’t even meet their family members and specially children for months,for their Safety and some even spend nights in their vehicles and outside home to assure that the virus doesn’t spread further to their loved ones and family members. Government took various steps to save our nation from the bad impacts of corona spread and one of them was lockdown. Lockdown was done to stop the spread the corona in nation but it resulted in great losses.when lots of People were on Roads, lots have nothing to eat and some were not having anyone for their care, without any money and food thousands of People covered thousands of kms on their feets, with their families and whatever they had earned in their lifetime, there comes some unknown super heroes of our society who helped them selflessly.

Their faces get rashed by the mask marks, they continuously took medicines to save themselves and others too. They maintain distance from their own members in order to help other persons to reach their destinations. In the bad times we get to know about many such People and These are the people who are helping in restoring humanity’s faith by coming up with novel ideas and their great works which inspires whole society to come ahead. That was the time when a number of labourers, their children and other family members were forced to return back to their places but Gurmeet Ji risked his life to save theirs.He started his service with providing cooked food as langar sewa and later switched to dry rations too, with the objective that people in need should not go to sleep on an empty stomach and they must not loose their hearts and continue their journey with less problems. It’s very hard to find such person in this crucial time when everyone put themselves first but Gurmeet Ji believe in his teachings and said “our panth has taught us the lesson of jan sewa, and we will continue this legacy till our last breathe.”

All the people who helped any of the person in need will be in their memory for forever as they made them believe on brotherhood and humanity in such a Crisis. It is beleived that in when some person get trapped in trouble even your shadow leave your side but the persons like Gurmeet Ji taught each and every person of society that we Must help each other to maintain love and care in society which will make then believe in the existence of god. If God has given you the power and resources to help others you must move forward as your one step can change anybody’s life.Gurmeet ji said that “our great sangat give us the teachings of sharing whatever less or more you have and These teachings which I started learning since my childhood inspired me to help my brothers and sisters of this society. ” He further added that he feel so happy and blessed that he could be the reason of anyone’s little smile. He requested everyone that even Your small step can save someone’s life and make them beleive into humanity and brotherhood.He started his service with providing cooked food as langar sewa and later

 

switched to dry rations too, with the objective that people in need should not go to sleep on an empty stomach and they must not loose their hearts and continue their journey with less problems.

He also set up camps and volunteer help alongside highways and by roadsides, just to provide relief and support the migrant workers going back to their places in UP, Bihar and even farther. It was clearly seen during the pandemic when thousands of people were going towards their villages with their small children and had nothing to feed them, at that time Gurmeet Ji provided them food ,water and other necessary items which brought  beautiful smiles and tears of happiness in their eyes as they never expected that in this crucial time there could be someone who will act as a survival medium for them.

At that time many warriors came in the front line to help the society. Despite being senior in age Gurmeet singh Shunty ji, was the Person who came out of the house when everyone was locked. He was standing in the crowd to help them reach their houses and made  very hard decisions at the right time.

We need to Recognise these Heroes so that they could work more and more for the welfare of this society. We need to Recognise these unsung Heroes so that they could work more and more for this society as “this society is all about give and take.”  They have given millions of smiles and its our time.They must be appreciated for their noble works to boost such works of brotherhood. They have given millions of smiles and its our time to pay them back.

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