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The Union Finance Minister Shri Pranab Mukherjee said that by announcing a 50 basis point increase in the policy repo rate, raising it from 7.50 per cent to 8.0 per cent, Reserve Bank of India (RBI) has sought to give a strong signal to further moderate inflation and check inflationary expectations. The Finance Minister Shri Mukherjee was reacting here today to the 50 basis points increase made in the policy repo rate under Liquidity Adjustment Facility(LAF) by RBI in its First Quarter Review of Monetary Policy 2011-12 which was announced today in Mumbai.
Union Finance Minister Shri Pranab Mukherjee said that inflation figures reported for the month of June 2011 continues to be matter of concern. The Finance Minister said that we are monitoring the price situation closely. He said that Government is working together with RBI to take appropriate steps to reduce inflation to more comfortable level. Shri Mukherjee was reacting to the figures of headline WPI inflation for the month of June, 2011 which were released today. The WPI inflation for the month of June 2011 stood at 9.44% as against 9.06% in May 2011 and 9.74% in April 2011.
The Union Finance Minister Shri Pranab Mukherjee said that during the global financial crisis of 2008, our GDP growth rate lowered to 6.8 per cent in 2008-09 but the economy rallied back with an 8 per cent growth in 2009-10. Shri Mukherjee said that the overall GDP growth in 2010-11 was estimated at 8.5 per cent and there is no reason why this momentum cannot be maintained in fiscal 2011-12 and improved further in the coming years.
The RBI, which hiked interest rates for the tenth time in 15 months today, said it will continue with its tight monetary policy as inflation is spreading to the non-food segment also, which is a concern. Based on the current and evolving growth and inflation scenario, the Reserve Bank will need to persist with its anti-inflationary stance of monetary policy, the central bank said in its mid-quarter review of credit policy.
Union Finance Minister Shri Pranab Mukherjee has said that by announcing an increase of 25 basis points in repo rate, from the existing 7.25 per cent to 7.50 per cent, RBI has sought to maintain an interest rate environment that moderates inflation and checks inflationary expectations. The Finance Minister was reacting to the Reserve Bank of India’s Monetary Policy announcement made today.
The Union Finance Minister Shri Pranab Mukherjee said that core inflation in May,2011 is higher at 8.71 per cent in comparison to 7.93 per cent in April,2011 and 10.34 per cent in March 2011. Finance Minister Shri Mukherjee said that we would keep a close watch on developments, both domestic as well as international, in the coming months and make appropriate adjustments as we go along.
Amid rising inflation, Reserve Bank Governor D Subbarao today pitched for greater autonomy for the central bank saying that operational freedom would help it focus better on management of prices. Having autonomy frees the central bank from the pressure of responding to short-term developments, deviating from its inflation target and thereby compromising its medium term inflation goals, Subbarao said in a speech at the SAARC Finance Governors’ symposium at Kumarakom in Kerala.
The National Housing Bank today said there has been a slowdown in the growth of housing loan uptake due to higher interest rates and rising property prices. Traditionally, growth in housing finance loans was witnessed at 25 per cent each year for four consecutive years before the slowdown began, NHB Chairman and Managing Director R V Verma told reporters on the sidelines of the 26th Skoch Summit here.
The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. We intend to refund approximately Rs 1 lakh crore this fiscal, the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra said here while exuding confidence of achieving the direct tax collection target for 2011-12.
The Reserve Bank of India today launched 24th round of the Inflation Expectations Survey with April-June 2011 as the current reference period. The Survey seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the next three months as well as in the next one year and quantitative responses on current, three-month ahead and one-year ahead inflation rates. The Reserve Bank will use results of this Survey as one of the important inputs to the monetary policy formulation.
