The research paper is significant as the Reserve Bank adopted flexible inflation targeting framework as a formal monetary policy objective since 2016, under which price stability is the prime goal of monetary policy and the government sets an inflation target for the central bank.
The Detroit Regional Chamber’s annual Mackinac Policy Conference is returning this fall after being canceled in 2020 due to the coronavirus but the event will operate differently still amid the pandemic.
RBI should return to its dharma of taming inflation
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Mythili Bhusnurmath
Its monetary policy committee must reorder its priorities and put price stability on top of the agenda at its meeting in June
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What goes up must come down, sang Blood Sweat & Tears, the 1960s’ American music band, popular with this columnist’s generation. Presumably, that’s what the Reserve Bank of India’s (RBI) monetary policy committee (MPC) members, most of whom belong to the same generation, are also betting. Hence, their decision to ‘look through’ the sustained rise in prices through much of last year.
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A 3 lakh-plus Covid case count for a second day, concerns over the economic impact of lockdowns, weakness in the rupee and an overnight drop in US stocks are likely to hit sentiment on Dalal Street on Friday. Most Asian markets traded higher in early trade, and technical charts for the domestic indices are hinting at a recovery ahead.
Here s breaking down the pre-market action:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 82 points, or 0.57 per cent, lower at 14,320 in signs that Dalal Street was headed for a negative start on Friday.
Tech View: Nifty forms Piercing Line pattern
Surge in Covid cases biggest recovery hurdle, says RBI governor
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Surge in Covid cases biggest recovery hurdle, says RBI governor
TNN / Updated: Apr 23, 2021, 08:23 IST
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MUMBAI: Rapid rise in Covid cases is the single biggest challenge to the ongoing recovery in the Indian economy, RBI governor Shaktikanta Das has said, asserting that previous year’s learnings should, however, help in managing the crisis as it unfolds.
“The need of the hour is to effectively secure the economic recovery underway so that it becomes broad-based and durable. The renewed jump in Covid infections in several parts of the country and the associated localised and regional lockdowns add uncertainty to the growth outlook,” the governor said in the minutes of the MPC (monetary policy committee) meeting, which was released by the RBI on Thursday.