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.
The reserves stood at $534.568 billion for the week ended July 31.
The RBI Board had met via video conference on 14 August under the chairmanship of the central bank governor Shaktikanta Das.
Reserve Bank of India’s six-member Monetary Policy Committee decision to keep the repo rate unchanged at four per cent is a step in the right direction, especially when it is borne in mind that inflation is now on the rise.
Secretary, Hotel Association of India, Mr J K Mohanty said without such help from the RBI, the hotel industry in the country will collapse.
According to Union Information and Broadcasting Minister Prakash Javadekar, the move will give an assurance to 8.6 crore depositors in these banks that their money will stay safe.
