According to sources from Mumbai, Reserve Bank of India for the second time in two-month raised interest rate by 0.25% on inflationary concerns and the central bank in its third bi-monthly policy of the current fiscal raised benchmark repo, or the short term rate at which it lends to other banks, by 0.25% to 6.5%. Meanwhile the 6 member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel kept its stance at neutral.
Previously for July-September, it pegged CPI-based retail inflation at 4.2% which it saw firming up to 4.8% in the second half of the current fiscal and currently the projected inflation rate is above its targeted comfort level of 4%. Furthermore RBI kept the GDP forecast for the current fiscal unchanged at 7.4% and saw it at 7.5-7.6% in the second half of the current fiscal. For the July-September quarter, it has projected inflation to be at 4.6%.
Moreover RBI made the
projections in its third monetary policy review for the current fiscal and the
retail inflation has been projected to rise further to 5% in the first quarter
of next financial year 2019-20. Firstly, the central government has decided to
fix the minimum support prices (MSPs) of at least 150% of the cost of
production for all kharif crops for the sowing season of 2018-19.
When Lokesh Greeted Jagan with Folded Hands Andhra Pradesh Chief Minister YS Jagan Mohan Reddy for the first time entered the AP Legislative Council Session on Monday. The first day of the 33rd Session commenced in the morning and was presided by Shariff Mohammed Ahmed the Chairman of the AP Legislative Council.
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