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A 3-day monetary policy meeting begin at RBI

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On Tuesday, the Reserve Bank’s rate-setting panel began its three-day deliberations to determine the next monetary policy in light of Budget 2022-23, inflationary worries, and the changing geopolitical scenario.

The six-member Monetary Policy Committee (MPC), chaired by Reserve Bank Governor Shaktikanta Das, is expected to release the policy resolution on Thursday.

The meeting was scheduled to begin on Monday, but it was postponed by one day due to Maharashtra’s declaration of a public holiday on February 7 in honour of iconic vocalist Lata Mangeshkar’s death.

The MPC is widely expected to keep the benchmark interest rate, sometimes known as the repo rate, unchanged.

Analysts, on the other hand, believe that as part of the liquidity normalisation process, the MPC will switch its policy stance from “accommodative” to “neutral” and experiment with the reverse-repo rate.

If the RBI keeps the policy rate constant on Thursday, it will be the ninth time in a row. On May 22, 2020, the central bank slashed interest rates to a historic low in an off-policy cycle to boost demand.

Brickwork Ratings predicts that the RBI will keep policy rates unchanged at its next policy meeting.

“The MPC is expected to begin raising policy rates, starting with the policy corridor between repo and reverse repo rates. In its April 2022 policy meeting, the RBI is expected to raise the reverse repo rate “It was stated.

The outlook for inflation and growth for the current fiscal year may stay unchanged, while the statement’s forward guidance on inflation and GDP for the next fiscal year is eagerly anticipated, it added.

The most recent MPC meeting, held in December 2021, left the benchmark interest rate at 4% and chose to keep its accommodative stance despite concerns over the development of the novel coronavirus variant Omicron.

The government has given the MPC the responsibility of keeping inflation between 2% and 6%.

An SBI report has called for a 20 basis point increase in the reverse repo rate outside the MPC ambit to help the central bank find buyers for the flood of new debt papers. The report cites the massive increase in credit growth during the first half, as well as the steeper fall in deposits and the resulting rise in term money rates, as well as the record high borrowings.

According to the research, the Centre’s gross borrowing would be a record Rs 14.3 lakh crore in 2023, and Rs 10.5 lakh crore in FY22, down from Rs 13.5 lakh crore this year, while the gross borrowing will be Rs 23.3 lakh crore with the states, and the net borrowing will be Rs 17.8 lakh crore. It was also stated that the budget aims to repay Rs 3.1 lakh crore next fiscal, up from Rs 2.7 lakh crore current fiscal.

While signs of credit recovery emerged in the first half of FY22, the most recent data for the week ending January 14, 2022, shows all banks incremental credit increased by Rs 5.46 lakh crore, more than double the Rs 2.72 lakh crore seen in the same period last fiscal, according to the report, while incremental deposit growth was only Rs 8.6 lakh crore, down from Rs 10.5 lakh crore.

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Nerul Bus Stops Shifted Ahead of Turbhe Flyover Demolition

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NMMT moves stops by 50 metres as authorities prepare traffic arrangements for demolition work.

The Bus Stop

Commuters travelling through Nerul and Turbhe may soon see changes in traffic movement as authorities prepare to demolish the remaining sections of the Turbhe flyover. To minimise inconvenience to passengers, NMMT has shifted the bus stops at Nerul LP by around 50 metres in both directions.

The bus stop for passengers travelling towards Panvel has been moved about 50 metres ahead, while the stop on the Vashi-bound side has also been relocated by a similar distance. New poles have been installed at the revised locations. Drivers and conductors from NMMT’s Turbhe, Asudgaon and Ghansoli depots have been instructed to use the new stops for passenger pick-ups and drop-offs.

The changes come as officials prepare for the demolition of the remaining two sections of the Turbhe flyover. One of the three sections is already undergoing work, while the demolition of the other two could affect traffic between Thane and Vashi. Traffic officials and the Public Works Department are working on an alternative traffic plan, including possible diversions through the Nerul LP underpass. However, the final diversion route and demolition schedule have not yet been announced.

Officials said the remaining sections of the flyover need to be demolished due to structural deterioration. Permissions and other preparations are currently underway.

For regular commuters, the temporary bus-stop shift is expected to be an important change to note as authorities work on the larger traffic management plan.

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NMMC Pays Tribute to Gandhi and Shastri on Birth Anniversaries

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Civic officials remember the contributions of Mahatma Gandhi and Lal Bahadur Shastri at Belapur headquarters.

The Tribute

The Navi Mumbai Municipal Corporation (NMMC) paid tribute to Mahatma Gandhi and former Prime Minister Lal Bahadur Shastri on their birth anniversaries on October 2. A commemorative programme was held at the NMMC headquarters in Belapur, where NMMC Deputy Mayor Dashrath Bhagat offered floral tributes to the portraits of both national leaders at the civic headquarters’ amphitheatre.

Senior NMMC officials were present during the programme, including Additional Municipal Commissioner Sunil Pawar, Chief Auditor Rajendra Gadekar, Deputy Commissioner of Property Tax Dr Amol Palve, Deputy Commissioner of Solid Waste Management Dr Ajay Gadde and Chief Sanitation Officer Rajusingh Chavan.

The occasion provided civic officials an opportunity to remember the lives and contributions of two prominent figures in India’s history. Mahatma Gandhi is widely remembered for his leadership in India’s freedom movement and his emphasis on truth, non-violence and cleanliness. Lal Bahadur Shastri, India’s second Prime Minister, is remembered for his simple lifestyle, leadership and the slogan “Jai Jawan, Jai Kisan.”

The tribute programme also highlighted the continued relevance of their values in public life. For a civic body like NMMC, Gandhi’s emphasis on cleanliness and public responsibility remains particularly significant. Officials and staff gathered at the headquarters to mark the occasion and pay their respects to the two leaders. The programme concluded with floral tributes in their memory.

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CBD Belapur’s Sector 9 to Get New Open Gym

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NMMC begins installing fitness equipment at the scenic CIDCO Nursery area following residents’ demand.

The Gym

Residents of CBD Belapur’s Sector 9 will soon have a new outdoor fitness facility close to their regular morning-walk route. The Navi Mumbai Municipal Corporation (NMMC) has started installing open gym equipment at the CIDCO Nursery hill area following a proposal raised by BJP corporator and Standing Committee member Swati Gurkhe.

The work was inaugurated in the presence of senior citizens, former corporator Ashok Gurkhe, Swati Gurkhe and several local residents. The CIDCO Nursery area is known for its greenery, trees and peaceful surroundings. Every morning, many residents visit the area for walking and exercise, making it a popular spot for health-conscious citizens. The new open gym is expected to give them an additional option to include basic strength and fitness exercises in their routine.

Swati Gurkhe said the proposal was made after residents requested better fitness facilities in the area. She said the civic administration has now started implementing the project and efforts will be made to provide good-quality equipment based on residents’ needs. She added that the facility could be expanded in the future if residents require additional equipment or improvements. Their suggestions will be considered while planning further work.

The initiative aims to make better use of the naturally green surroundings while encouraging residents, particularly senior citizens and regular walkers, to stay active and maintain a healthier lifestyle.

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