Manmohan Singh’s far reaching reforms that made India a fastest growing economy
India has lost a towering figure in the Indian economic landscape, former Prime Minister of India, Dr Manmohan Singh.
India has lost a towering figure in the Indian economic landscape, former Prime Minister of India, Dr Manmohan Singh.
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
Reserve Bank of India (RBI) Governor Shaktikanta Das at the Monetary Policy Committee (MPC) meeting on Friday announced the policy rate unchanged at 6.5 per cent.
“The path-breaking structural reforms, such as the enactment of the Insolvency and Bankruptcy Code (IBC) and the adoption of Flexible Inflation Targeting in the recent years, have helped us to deal with the challenges in the banking system and the task of maintaining price stability more effectively,” he said.
In the throes of economic dynamism, India finds itself at the intersection of contrasting forces, with its annual retail inflation surging to a four-month high in December.
'Any further relief, besides waiving of compound interest for loans up to Rs 2 crore, is detrimental to the national economy and banking sector,' it said.
Consequently, the reverse repo rate, at which the RBI borrows from lenders, stood at 3.35 per cent.
Three members of the panel are from the RBI, including the Central bank's Governor and the rest three are external or independent members.
Elaborating on the extendable moratorium, the ministry said this extended moratorium becomes part of an individualised solution for a borrower and is made available along with other interventions.
Solicitor General Tushar Mehta urged the court to allow the Centre to discuss the issue with the central bank and the bankers’ association and arrive at a solution on the issue of waiving the “interest on interest” during the loan moratorium period.
