India’s growth outlook is supported by robust domestic engines: RBI
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
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.
Intolerance of economic crimes is not unique to India; Bernard Madoff the mastermind of the largest known Ponzi scheme, worth an estimated $18 billion, was sentenced by a US court to 150 years in prison, making people wonder if financial fraud was worse than violent crimes like rape and murder.
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.
The reserves stood at $534.568 billion for the week ended July 31.
