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Repo rate, reverse repo rate remain unchanged amid Omicron threat

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3 years ago

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Repo rate, reverse repo rate remain unchanged amid Omicron threat

The Governor of the Reserve Bank of India Shakti Kantadas said after the meeting that the Reserve Bank of India maintained its repo rate and reverse repo rate unchanged at the bimonthly policy review meeting on Wednesday. Das added that India is better prepared to fight the pandemic, and in several sectors, output before the pandemic has exceeded, and there is little demand for external financing. However, due to the emergence of a new Covid variant Omicron in some countries, and other reasons, policy support is needed.

As the central bank decides to maintain its easing stance, the repo rate will remain at 4% and the reverse repo rate will remain at 3.35%. MSF also remains unchanged. A 5:1 majority vote supports RBI’s relaxed position.

“The recovery interrupted by the second wave of pandemics is gaining traction, but it is not strong enough to be self-sustaining and durable. This underscores the importance of continued policy support,” the governor said.

The last time the Reserve Bank of India changed these key lending rates was in May 2020. When the Reserve Bank of India last changed its policy interest rate, India’s GDP fell by 24.4%. Seeing the recovery, the economy grew by 20.1% in the April-June 2021 quarter. In the July-September quarter of 2021, GDP grew by 8.4%, while it contracted by 7.4% in the same period last year. As the central and local governments cut fuel taxes, the inflation rate has been within RBI’s 2-6% target range. However, the damage to food crops caused by heavy rains and rising prices in the telecommunications industry may once again push up inflation.

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Consumer prices rose by 4.48% year-on-year in October, up from 4.35% in September. The new Covid-19 strain Omicron, first discovered by South African scientists, is seen as the next potential uncertainty factor in the Indian economy. This variant was first reported from South Africa and has been listed as a variant of concern by the World Health Organization. It spread rapidly in India, and Omicron cases have been reported in Delhi, Maharashtra, Karnataka, Rajasthan, and Gujarat.

News Source : Hindustan Times

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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