CORE COMMITTEE MEMBER
Hema panel report: Film employees federation says it won't protect accused members
Film Employees Federation of Kerala (FEFKA) itself would provide relevant information to police in this connection if it comes to know about any such complaints, it's general secretary B Unnikrishnan said here. FEFKA is the apex body of 21 trade unions working at various levels of the Malayalam film industry.
Outgoing RBI policymaker contradicts central bank on food risks
Jayanth Rama Varma — an academic whose four-year term as an external member on the monetary policy committee comes to an end in early October — said over the past year or so, “food inflation has consisted largely of transient spikes that do not spill over into core inflation.”
MPC should pay more heed to core inflation, says outgoing member Ashima Goyal
Ashima Goyal, a member of India's Monetary Policy Committee, emphasized the importance of focusing on core inflation for long-term household inflation expectations. She suggested that the committee should provide guidance on liquidity conditions. Goyal highlighted that recent interventions in India's monetary policy have helped lower inflation and stressed the need for supply-side action to ensure non-inflationary growth.
MPC should pay more heed to core inflation, says Ashima Goyal
Ashima Goyal, a member of the Monetary Policy Committee (MPC), emphasized the need to focus more on core inflation due to its significant impact on household inflation expectations. Goyal's term on the MPC will end in early October. Additionally, she suggested that the MPC should expand its role to include providing guidance on liquidity conditions in the banking system.
India should retain headline inflation as target, external rate panel members say
External members of India's rate-setting panel suggested keeping headline inflation as the target for monetary policy. They emphasized that headline inflation captures overall price pressures including volatile food and fuel prices. While core inflation has been low, targeting headline inflation is crucial as it directly impacts the public. Persistently high food prices have influenced recent monetary policy decisions.
RBI MPC Minutes: Food inflation pressures showing little signs of abatement, warns RBI
The Reserve Bank of India’s latest Monetary Policy Committee meeting minutes revealed that headline inflation rose to 5.1% in June, driven by food prices. Although future inflation might be lower due to the base effect, persistent food inflation remains a concern. The RBI has kept the repo rate unchanged at 6.5% to monitor these economic conditions.
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Focus on core banking a must: Sitharaman to banks at post-Budget RBI Board of Directors' meeting
Finance Minister Nirmala Sitharaman urged banks to prioritize 'core banking' in a meeting with RBI's Central Board of Directors. The session reviewed budget provisions and the economic outlook after the 2024-25 Union Budget. The RBI kept the repo rate at 6.5%, forecasting a 7.2% economic growth rate for the fiscal year 2024-25.
Two MPC members dissent for a second time in a row
A majority of the six member monetary policy committee (MPC) voted to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent and also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth in terms of their stance.
View: Ahead of August 8's MPC, keep your ear close to the ground, RBI
With the budget finalized, attention turns to RBI's Monetary Policy Committee. Shaktikanta Das, with a deciding vote, counters calls for rate cuts amid rising consumer inflation. Despite external pressures, Das emphasizes inflation control and mirrors global counterparts in prioritizing steady price stability, balancing growth and inflation concerns.
Maha BJP leaders demand party contest 170-plus seats
During a two-day core committee meeting in Mumbai, the Bharatiya Janata Party (BJP) discussed the need to contest 170-180 seats in the upcoming Maharashtra assembly elections. This has stirred tensions with allies: Shiv Sena wants 100 seats, and the Ajit Pawar faction of the Nationalist Congress Party (NCP) seeks 80-100 seats. The BJP, currently holding 105 seats in the 288-member assembly, faces challenges from seat distribution disputes, similar to issues in the recent Lok Sabha polls. The BJP also criticized allies for their perceived lack of support in previous elections.
Top Chinese Communist Party body endorses comprehensive reforms to halt economic slowdown; highlights Xi Jinping's "core" leadership
China's Communist Party under President Xi Jinping's leadership adopts reforms aiming for socialist modernisation by 2035. Emphasis on building a high-standard socialist market economy and improving national security. Plans to strengthen military and enhance Party's leadership. Focus on economic growth and market efficiency.
Real rate of interest at 1.5 pc apt for economy: Shashanka Bhide
Shashanka Bhide, an external member of the rate-setting panel, suggests a real interest rate of 1.5% for India, closely tied to achieving the Monetary Policy Committee's 4% inflation target. He emphasizes the importance of favorable macroeconomic conditions for high economic growth.
RBI MPC minutes: Panelists flag incoming impact of 'exceptionally' warm summers on food inflation
The Reserve Bank of India's (RBI) Monetary Policy Committee members raised concerns about inflation pressures due to "exceptionally" warm summers, impacting perishable goods and crop output, as per their latest meeting minutes. RBI Governor Shaktikanta Das expects retail inflation to moderate to 4.5% in FY25 but warns of near-term challenges.
No rate cut seen in August either, but enough signs of a shift in stance
The minutes of the meeting will be available on June 21. Varma and Goyal have argued that high interest rates might be hindering potential growth. They have previously debated that a high real interest rate—the difference between the actual interest rate and inflation—could be compromising growth.
RBI MPC Meet 2024: RBI leaves inflation projection for FY25 unchanged at 4.5%
RBI MPC Meet 2024 LIVE: The Reserve Bank of India maintained its inflation forecast at 4.5% for this fiscal year amid concerns over rising food prices. The central bank found some relief as crude prices dipped below $80 per barrel. The RBI's Monetary Policy Committee kept the repo rate unchanged at 6.5% for the eighth consecutive time, citing vigilance against potential inflationary pressures. Governor Shaktikanta Das highlighted the uptick in vegetable prices and global food inflation. Despite a slight easing in overall retail inflation to 4.83%, concerns linger over food price hikes, particularly in items like garlic and ginger.
IAMAI view on draft Digital Law not shared by all constituents: four members tell MCA
Four members of IAMAI, including Bharat Matrimony, Match Group, Hoichoi, and ShareChat, express divergent views on ex-ante regulation in the draft DCB to the Ministry of Corporate Affairs.
US Fed's favored inflation measure remains unchanged in April
The US Federal Reserve's key inflation gauge, the PCE price index, remained steady in April, indicating that interest rates are likely to stay high throughout the summer. Services prices, a major factor, remained elevated. The current inflation trend reduces the likelihood of early rate cuts and complicates President Joe Biden's reelection message on the economy. Despite expectations of moderating inflation later in the year, Fed officials, like New York Fed President John Williams, see no urgency in changing policy now. Personal income eased slightly in April, with personal savings remaining steady.
National Statistical Commission gets two more members
India's National Statistical Commission is back to full capacity with the appointment of two new members after a one-year gap. A Ganesh Kumar and Debasis Kundu have been appointed, bringing the panel's strength to five, including the chairman. The commission, set up in 2005, aims to strengthen the statistical system, suggest survey standards, and coordinate with other departments. The appointments come amidst calls for reforming the country's statistics system, with the Prime Minister's Office discussing overhauling measures earlier this year.
Govt expands committee for drug and medical device pricing reforms, includes more industry representation
The government has expanded a committee to include more industry representation for reviewing drug and medical device pricing reforms. This move aims to ensure better availability of medicines and devices, while also providing incentives for industry growth and export sustainability. The committee will engage with industry experts and associations to evaluate pricing and availability issues. Ultimately, the government will make the final decisions, with the committee focusing on balancing pricing and availability of essential medicines and designing a price moderation framework for medical devices.
World Designing Forum to set up handloom cluster and apparel designing hub in Agra
The World Designing Forum announces India's inaugural Handloom Cluster and Apparel Designing hub in Agra, targeting fashion innovation and tourism. Situated at the "I Love Agra Selfie Point," the park showcases handloom creations, a joint venture of RVA and the Forum. Plans include a World Couture League promoting handloom internationally and expanding similar parks to Jaipur, Goa, and Kanyakumari. CEO Ankush Anami aims to blend culture and design for tourists' enrichment.
Amit Shah chairs core committee meet of JDS, BJP leaders
JD(S) leader and former Chief Minister H D Kumaraswamy and some of his party's core committee members including its chief G T Devegowda, veteran BJP leader B S Yediyurappa, saffron party state President B Y Vijayendra and its General Secretary in-charge of elections in Karnataka Radha Mohan Das Agarwal, along with several other leaders from the two parties were part of the meeting.
RBI likely to hold rates steady until at least July: Poll
India's economy grew a stellar 8.4% in the fourth quarter of 2023, the fastest among major economies. Inflation, which is still close to the upper band of the central bank's 2%-6% target, does not hint at an imminent rate cut.
Amit Shah to discuss LS poll strategy with Karnataka BJP leaders today
He also said the meeting is likely to discuss facing the polls together with alliance partner JD(S), with proper coordination between workers and leaders of both parties at the ground level and may also deliberate on the number of seats to be given to the regional party.
Dissecting inflation to find what's core and non-core
Core inflation is the change in the costs of goods and services excluding the price variations in seasonal elements, such as those related to food and energy. Core inflation represents the long-term trend in the price level. Monetary policy measures are known to impact core inflation levels more than non-core or food inflation and hence considered a gauge for the success of monetary policy measures.
?ET Explains: Difference between core and non-core inflation in India
Core inflation represents the long-term trend in the price level and is impacted by monetary policy measures. On the other hand, non-core inflation is driven by supply side factors such as food and fuel prices, and monetary policy measures have limited impact on it. Both core and non-core inflation contribute to headline inflation.
RBI may change policy stance to 'neutral' on easing core inflation: Economists
India's sustained fall in core retail inflation and subdued inflationary pressures could prompt the Reserve Bank of India (RBI) to ease its policy stance to 'neutral' next month. Economists believe a shift in stance is likely based on the inflation outlook, global financial conditions, and liquidity situation.
Sachin Tendulkar invests in Indian Street Premier League
Cricket icon Sachin Tendulkar has made an undisclosed investment in the Indian Street Premier League (ISPL) and will serve as a core committee member. Tendulkar expressed excitement about contributing to the evolution of the T10 cricket league format, which aims to connect cricket enthusiasts of all ages and showcase undiscovered talents.
Supply-side inflation pressures in core sectors will need more policy responses: Shashanka Bhide, Member of MPC
Shashanka Bhide, a member of the Reserve Bank of India's Monetary Policy Committee (MPC), believes that supply-side price pressures in sectors like oil will require coordinated policy responses. He also mentions that upside risks to inflation will be considered for future policy decisions. Bhide expresses concern about uneven rainfall distribution and its potential impact on inflation.
Congress sets up core committee, poll panels for Chhattisgarh assembly polls
Chhattisgarh ministers Mohan Markam and Umesh Patel, besides Rajya Sabha members Rajeev Shukla, Ranjeet Ranjan, Phulo Devi Netam and K T S Tulsi are also part of the Committee. The party also set up a 15-member Communications Committee with Ravindra Choubey as its chairperson and Rajesh Tiwari and Vinod Verma as its conveners while Sushil Anand Shukla will be its coordinator.
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