Recent surge in crude oil prices and bond yields poses challenge, says RBI Guv Shaktikanta Das
Reserve Bank of India Governor, Shaktikanta Das, has identified three challenges facing the global economy: slow moderation in inflation, slowing growth with obstacles, and risks of financial stability. He expressed concerns about the impacts of shocks such as rising crude oil prices and bond yields, stating that they hamper the responses of central banks. Key Points
Economic TimesIndian economy may do better in 2023, weather a concern
Barclays has raised Indias growth forecast for next fiscal to 6.3% from 6%, saying that global developments such as rising financial stability risks, peaking of rate tightening around the world and collapse of commodity prices augur well for the worlds fifth-largest economy. “Having weathered many shocks to its macro stability in 2022, India is on firmer ground in 2023; current-account funding needs are falling, inflation is trending lower, and fiscal demands are in check,” Barclays said in a report. Key Points
Economic TimesWhich of the three — growth, inflation and financial stability — should MPC ignore and prioritise?
In the past, the choice was a 'straightforward' trade-off between growth and inflation. But events of the past few weeks have introduced a new element - financial stability. Not that financial stability concerns can ever be far from RBI's mind. Among its multiple roles is the very important one of regulation and supervision of banks. Key Points
The Economic TimesBiggest strength under PM Modi is stability in policy, says FM Nirmala Sitharaman
In an exclusive interview with Managing Director of Network18 Rahul Joshi termed the Interim Budget 2024-25 “secularism” in action. “People on the ground are talking about programmes, this is secularism in action, ” she said. Key Points
FirstpostCryptocurrencies huge risks to financial stability: RBI Governor Das
Cryptocurrencies pose significant risks to financial and monetary stability, said RBI Governor Shantikanta Das. He emphasized that they could undermine central banks' control over money supply. Das called for international cooperation to address these threats. India has been vocal about these concerns and has urged careful handling of the crypto ecosystem. Key Points
Economic Times
Monetary policy ought to remain actively disinflationary; interest rates to remain high: RBI Guv Shaktikan
Reserve Bank Governor Shaktikanta Das emphasized the need for an actively disinflationary monetary policy to sustain the decline in inflation. He stated that price stability and financial stability are interconnected and the RBI has been working to manage both effectively. The retail inflation rate decreased to a three-month low of 5.02% in September, within the RBI's comfort level. Key Points
Economic TimesWhy does the RBI invoke the Mahabharata? What does it have to do with inflation and growth?
Reserve Bank of India Governor Shaktikanta Das uses the Mahabharata's character Arjuna to explain interest rate decisions, despite the complexity of the drivers and the difficulty in communicating them. This is not the first RBI Governor to use this analogy. ET explains why the RBI invokes the Mahabharata and what the reference has to do with inflation and growth. Key Points
Economic TimesModi: India’s growth, stability exception in uncertain world
Aditi Tandon Tribune News Service New Delhi, July 30 In his first post-Budget remarks on Tuesday, Prime Minister Narendra Modi said he was an “exception to the rule of politicians forgetting promises once elections are over”, and assured that India... Key Points
The TribuneMeritorious school student alleges bullying, files plaint
Class XII student at Senior Secondary Residential School complains of bullying by batch mates, affecting emotional stability and academic performance. School authorities taking action. Key Points
Hindustan TimesOverwatch 2 development team teases ‘exciting updates’ for keyboard and mouse. Details here
Overwatch 2 is no less than the talk of the town, all thanks to its development team and promising updates. A recently teased update is said to bring stability for players who use keyboard and mouse on console. Key Points
Economic Times
PM Modi strongly calls for reform of UN
In an address at a G7 session in Hiroshima, Modi wondered why different forums have had to deliberate on issues relating to peace and stability when the UN was formed to deal with these challenges. It is a matter of analysis, why do we have to talk about peace and stability in different forums? Why is the UN, which was started with the idea of establishing peace, not successful in preventing conflicts today? Modi asked. Key Points
Economic TimesU.S. financial regulators to tighten rules on non-banks, systemic risks
Top U.S. regulators on Friday proposed new rules to speed the assessment of financial stability risks and make it easier to designate non-bank institutions as systemically important, subjecting them to Federal Reserve supervision. Key Points
Reutersstability from US brings some relief to domestic markets; traders eye earnings for cues, could see consolidation
Nifty finally witnessed a trend reversal and a movement to 18,100+ is expected now. Bank Nifty has seen a swift recovery. Key Points
FinancialexpressGaurav Bissa on what to buy and sell in this market
Gaurav Bissa recommends a buy on Reliance Industries, which has given stability and a strong push to the markets. He also suggests a sell call on ICICI Prudential due to consistent lower top, lower bottom formation. Bissa believes the market is stock-specific and recommends a blend of large and midcaps. Key Points
Economic TimesCentral banks cannot remain spectators to climate change: RBI Deputy Guv Michael Patra
Patra acknowledged that though central banks generally pursue a relatively narrow mandate focused on stability without climate change being a part of it. But as evidence accumulates that climate change is overwhelmingly due to human activity, central banks cannot just remain silent spectators. Key Points
Economic Times
Modi: India’s growth, stability exception in uncertain world
Aditi Tandon Tribune News Service New Delhi, July 30 In his first post-Budget remarks on Tuesday, Prime Minister Narendra Modi said he was an “exception to the rule of politicians forgetting promises once elections are over”, and assured that India... Key Points
The TribuneModi: India’s growth, stability exception in uncertain world
Aditi Tandon Tribune News Service New Delhi, July 30 In his first post-Budget remarks on Tuesday, Prime Minister Narendra Modi said he was an “exception to the rule of politicians forgetting promises once elections are over”, and assured that India... Key Points
The TribunePlans afoot to digitalise KYC, curb illegal online lending
The Financial stability and Development Council (FSDC), led by Nirmala Sitharaman, plans to digitalize the KYC process and curb unauthorised lending. Recent restrictions on Paytm Payments Bank Ltd highlight non-compliance with KYC norms. FSDC focuses on inter-regulatory coordination, stability risks, and GIFT IFSC's role as an international centre. Key Points
Economic TimesFPIs invest Rs 26,505 crore in Indian equities in just 6 trading sessions
Kislay Upadhyay, the founder of FidelFolio Investments, attributed the FPI inflows to the outcome of major state elections that signalled political stability going forward.. Key Points
Economic TimesWeak coalition after 2024 polls, oil may hit growth stability: Morgan Stanley
It highlighted that the current account deficit could widen to 2.5%, close to RBI's comfort zone. With macro stability indicators stretched under this scenario, we think currency depreciation pressures could rise and lead RBI to restart its rate hike cycle, said the report. However, if conditions remain favourable, India's growth could average 6.5% for the decade, according to Morgan Stanley. It said growth could move higher if the government makes more concerted efforts to expand infrastructure. Key Points
Economic TimesPeter Attia's anti-aging exercise routine includes 4 types of moves
These anti-aging exercises only take a few hours each week. Longevity expert Peter Attia says to include four types of exercise for a longer, healthier life. Key Points
InsiderRBI has taken a pragmatic approach on repo rate: EEPC India chairman
The RBI has underlined the daunting challenges faced by the global economy and its impact on India. The current business environment necessitates stability in finance costs, especially for exporting community, and calls for measures to reduce them. Key Points
Economic TimesGlobal rules proposed for crypto asset firms
The recommendations, issued at the direction of G20, also revised its existing recommendations for stablecoins. The FSB published the final proposals requested by the G20 on supervising firms that trade cryptoassets such as bitcoin. However, the recommendations focus on risks to financial stability and do not comprehensively cover all specific risk categories related to crypto asset activities. Key Points
Economic TimesRBI FSR: Global economy faces heightened uncertainty amid banking system fragility; what about India?
The Reserve Bank of India (RBI) has stated that the global economy is facing increased uncertainty due to banking fragility in certain countries and geopolitical tensions. India's GDP growth is expected to be at 6.5% in FY24. Key Points
mintPause, not pivot, says RBI governor as repo rate stays unchanged at 6.5%
In a surprise move on Thursday, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) unanimously decided to keep the repo rate unchanged at 6.50% and to remain focused on the withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth. Key Points
The Hindu