LATEST UPDATES

7 persons feared dead in Zojila road mishap

Precious Kashmir 26/05/2022

Chadoora attack: Injured lady succumbs

Precious Kashmir 25/05/2022

Woman shot at, injured in Chadoora

Precious Kashmir 25/05/2022

Mobile internet suspended in Kashmir after Malik sentencing

Indo Asian News Service 25/05/2022

Yasin Malik Gets Lifer, Rs 10 Lakh Penalty

Precious Kashmir 25/05/2022

SMC sets up consultative board to deal with dog menace in Srinagar: Mayor

Precious Kashmir 25/05/2022

High Court grants bail to Waheed Parra

Precious Kashmir 25/05/2022

Lightning kills 250 sheep in J&K’s Anantnag

Indo Asian News Service 25/05/2022

Faith healer’, 2 other persons arrested after woman’s death in Shopian

Precious Kashmir 25/05/2022

Three militants, cop killed in Baramulla gunfight: IGP Kashmir

Precious Kashmir 25/05/2022

North Kashmir: Gunfight breaks out in Baramulla

Precious Kashmir 25/05/2022

After surviving miraculously, baby girl from Banihal dies at G B Pant hospital

Precious Kashmir 25/05/2022

Night Temp Below Normal, MeT Forecasts Dry Weather In J&K

Precious Kashmir 25/05/2022

JeM Module Busted in Awantipora, 8 militant associates arrested: Police

Precious Kashmir 24/05/2022

Updated: Cop killed, daughter injured in militant attack in Soura Srinagar

Precious Kashmir 24/05/2022

Cop, daughter injured in militant attack in Soura Srinagar

Precious Kashmir 24/05/2022

Bike rider killed in Sangam road accident

Precious Kashmir 24/05/2022

Unidentified body found in Kulgam

Precious Kashmir 24/05/2022

Rahul & G-23’s Azad, Anand Sharma find place in Cong political affairs group

Indo Asian News Service 24/05/2022

Fast Track Court Sentences Main Accused To 8 Years Jail For Raping Minor In 2014

Precious Kashmir 24/05/2022

Except today, no forecast for ‘significant’ weather in next 4 days in J&K: MeT

Precious Kashmir 24/05/2022

Rahul Bhat’s killing: LG Sinha reaches Pandit Colony in Budgam

Precious Kashmir 23/05/2022

No plan to disengage ReK, ReZ, NYC employees: Govt   

Precious Kashmir 23/05/2022

Govt Removes Civil Judge From Services

Precious Kashmir 23/05/2022

Touseef re—elected as MC President Baramulla

Precious Kashmir 23/05/2022

LATEST UPDATES

7 persons feared dead in Zojila road mishap

Precious Kashmir 26/05/2022

Chadoora attack: Injured lady succumbs

Precious Kashmir 25/05/2022

Woman shot at, injured in Chadoora

Precious Kashmir 25/05/2022

Mobile internet suspended in Kashmir after Malik sentencing

Indo Asian News Service 25/05/2022

Yasin Malik Gets Lifer, Rs 10 Lakh Penalty

Precious Kashmir 25/05/2022

SMC sets up consultative board to deal with dog menace in Srinagar: Mayor

Precious Kashmir 25/05/2022

High Court grants bail to Waheed Parra

Precious Kashmir 25/05/2022

Lightning kills 250 sheep in J&K’s Anantnag

Indo Asian News Service 25/05/2022

Faith healer’, 2 other persons arrested after woman’s death in Shopian

Precious Kashmir 25/05/2022

Three militants, cop killed in Baramulla gunfight: IGP Kashmir

Precious Kashmir 25/05/2022

North Kashmir: Gunfight breaks out in Baramulla

Precious Kashmir 25/05/2022

After surviving miraculously, baby girl from Banihal dies at G B Pant hospital

Precious Kashmir 25/05/2022

Night Temp Below Normal, MeT Forecasts Dry Weather In J&K

Precious Kashmir 25/05/2022

JeM Module Busted in Awantipora, 8 militant associates arrested: Police

Precious Kashmir 24/05/2022

Updated: Cop killed, daughter injured in militant attack in Soura Srinagar

Precious Kashmir 24/05/2022

Cop, daughter injured in militant attack in Soura Srinagar

Precious Kashmir 24/05/2022

Bike rider killed in Sangam road accident

Precious Kashmir 24/05/2022

Unidentified body found in Kulgam

Precious Kashmir 24/05/2022

Rahul & G-23’s Azad, Anand Sharma find place in Cong political affairs group

Indo Asian News Service 24/05/2022

Fast Track Court Sentences Main Accused To 8 Years Jail For Raping Minor In 2014

Precious Kashmir 24/05/2022

Except today, no forecast for ‘significant’ weather in next 4 days in J&K: MeT

Precious Kashmir 24/05/2022

Rahul Bhat’s killing: LG Sinha reaches Pandit Colony in Budgam

Precious Kashmir 23/05/2022

No plan to disengage ReK, ReZ, NYC employees: Govt   

Precious Kashmir 23/05/2022

Govt Removes Civil Judge From Services

Precious Kashmir 23/05/2022

Touseef re—elected as MC President Baramulla

Precious Kashmir 23/05/2022
  • Home
  • Front
  • Jammu & Kashmir
    • City
  • Anchor stories
  • Business
  • Sports
  • National
  • World
  • Opinion
    • Edit
    • Interviews
    • Letters
  • epaper
Thursday, May 26, 2022
PRECIOUS KASHMIR
No Result
View All Result
  • Home
  • Front
  • Jammu & Kashmir
    • City
  • Anchor stories
  • Business
  • Sports
  • National
  • World
  • Opinion
    • Edit
    • Interviews
    • Letters
  • epaper
Precious Kashmir
No Result
View All Result
Home Front

Rate hike wasn’t surprising, timing was: Sitharaman

Agencies by Agencies
09/05/2022
in Front
3 min read
0

New Delhi: Finance Minister Nirmala Sitharaman has said the recent interest rate hike by the Reserve Bank was not surprising for her but the timing was, asserting that the rising cost of funds will not impact the government’s planned infrastructure investments.

For the first time since August 2018, RBI had on May 4 delivered a blunt 40 basis points increase in key repo rate to 4.40 per cent, and also hiked the cash reserve ratio by 50 basis points to 4.5 per cent after an unscheduled meeting of the rate setting panel, citing increased inflation pressures following the Ukraine war and the resultant spike in crude oil prices. Retail inflation printed at 6.9 per cent in March and the April reading is forecast to top 7.7 per cent.

The timing of RBI’s rate hike came as a surprise but not the action itself as people thought it should have been done anyway .It came as a surprise because it’s between the two MPCs (monetary policy committee) meetings.

But the US Fed had been saying it all the while, Sitharaman said in her first reaction to the rate hike while addressing an award function organised by the Economic Times on Saturday evening here. She said that in the last MPC meeting, the RBI gave indications that it’s time for them to also act, and the hike was part of a synchronised action by major central banks across the globe.

In a way, it was a synchronised action. Australia did it, and the US did it that night. So, I see a greater understanding among central banks nowadays. But the understanding of how to handle recovery from the pandemic is not fully unique or typical for only India. It’s a global issue.

“And even as we handled that recovery, inflation, which was really festering and festering at some unbelievable highs, let us say in the US and Britain, not so much in our country…Still, the challenge of recovery versus inflation seems to be following a particular template that’s across the globe now, she said.

However, she was quick to assert that the central bank’s decision will not impact the government’s planned huge infrastructure investments running into tens of billions of dollars.

On the economic sanctions against Russia after its invasion of Ukraine, she said the blockades were constraining us as traditional buyers from Russia were shifting to sources from the Indian basket of crude, 80-85 per cent of which is from the Middle East. This shift was likely to put more pressure on the Indian crude basket price.

The sanctions have resulted in people rushing to alternative sources where countries like us are there for decades. Now suddenly it will be crowded with more people who want to buy the same thing. So, supply and price factors will now have its ramification on us, she said and made it clear that India will continue to buy crude from wherever it was available cheaply.

In matters related to our oil consumption and buying it from the source which gives us a concessional rate, we’ve asserted our right in doing that. We’ve been explaining that we’ll certainly purchase it, so it is something that hasn’t been said for the first time. We’ll go ahead with what is good for us. We need cheap fuel. If it is available, why won’t we want to buy it?, she said.

Sitharaman said even before the war, there was an increase in prices of fertilisers. The government had to seek extra spending approval during the supplementary demands because of the way crude oil was playing up and the rise in commodity prices due to supply disruptions.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to print (Opens in new window)

Related

Agencies

Agencies

LATEST UPDATES

7 persons feared dead in Zojila road mishap

Precious Kashmir 26/05/2022

Chadoora attack: Injured lady succumbs

Precious Kashmir 25/05/2022

Woman shot at, injured in Chadoora

Precious Kashmir 25/05/2022

Mobile internet suspended in Kashmir after Malik sentencing

Indo Asian News Service 25/05/2022

Yasin Malik Gets Lifer, Rs 10 Lakh Penalty

Precious Kashmir 25/05/2022

SMC sets up consultative board to deal with dog menace in Srinagar: Mayor

Precious Kashmir 25/05/2022

High Court grants bail to Waheed Parra

Precious Kashmir 25/05/2022

Lightning kills 250 sheep in J&K’s Anantnag

Indo Asian News Service 25/05/2022

Faith healer’, 2 other persons arrested after woman’s death in Shopian

Precious Kashmir 25/05/2022

Three militants, cop killed in Baramulla gunfight: IGP Kashmir

Precious Kashmir 25/05/2022

North Kashmir: Gunfight breaks out in Baramulla

Precious Kashmir 25/05/2022

After surviving miraculously, baby girl from Banihal dies at G B Pant hospital

Precious Kashmir 25/05/2022

Night Temp Below Normal, MeT Forecasts Dry Weather In J&K

Precious Kashmir 25/05/2022

JeM Module Busted in Awantipora, 8 militant associates arrested: Police

Precious Kashmir 24/05/2022

Updated: Cop killed, daughter injured in militant attack in Soura Srinagar

Precious Kashmir 24/05/2022

Cop, daughter injured in militant attack in Soura Srinagar

Precious Kashmir 24/05/2022

Bike rider killed in Sangam road accident

Precious Kashmir 24/05/2022

Unidentified body found in Kulgam

Precious Kashmir 24/05/2022

Rahul & G-23’s Azad, Anand Sharma find place in Cong political affairs group

Indo Asian News Service 24/05/2022

Fast Track Court Sentences Main Accused To 8 Years Jail For Raping Minor In 2014

Precious Kashmir 24/05/2022

Except today, no forecast for ‘significant’ weather in next 4 days in J&K: MeT

Precious Kashmir 24/05/2022

Rahul Bhat’s killing: LG Sinha reaches Pandit Colony in Budgam

Precious Kashmir 23/05/2022

No plan to disengage ReK, ReZ, NYC employees: Govt   

Precious Kashmir 23/05/2022

Govt Removes Civil Judge From Services

Precious Kashmir 23/05/2022

Touseef re—elected as MC President Baramulla

Precious Kashmir 23/05/2022
Precious Kashmir

Copyright © 2020 Precious Kashmir.

Navigate Site

  • Home
  • About Us
  • Contact Us
  • Advertise with Us
  • Terms of Service

Follow Us

No Result
View All Result
  • Home
  • Front
  • Jammu & Kashmir
    • City
  • Anchor stories
  • Business
  • Sports
  • National
  • World
  • Opinion
    • Edit
    • Interviews
    • Letters
  • epaper

Copyright © 2020 Precious Kashmir.