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The Reserve Bank of India is expected to keep policy rates unchanged till April, according to a report.
The Monetary Policy Committee (MPC), the RBI’s rate-setting panel, will begin deliberations on Monday and announce policy decisions on Wednesday.
Almost all major central banks are raising interest rates to combat inflation. The Reserve Bank of Australia will keep rates steady, according to US brokerage Bank of America Securities.
After the Budget declared record borrowing intentions for the coming fiscal year, India’s benchmark 10-year bond yields are approaching 6.9%. The entire domestic and external climate, according to analysts at Edelweiss Brokerage, is unfavourable for the bond market.
Bank of America (BofA) analysts believe the MPC will keep rates steady when it releases its final policy review of the fiscal year on February 9. After the Budget disclosed a record borrowing plan, the market expected a 25 basis point reverse repo tightening.
India’s fiscal deficit is predicted to decline from 6.9% in FY22 (up 10 basis points from the revised projection) to 6.4 per cent in FY23. The enormous expenditure push at the expense of fiscal reduction is the budget’s main centrepiece for FY23.
Revenue spending, net of interest payments and subsidies, is forecast to increase by only 1% in FY23, while capital expenditures are expected to increase by 24%, implying more supply-side spending rather than a large demand boost, and hence no serious inflation pressure.
Given all of this, the RBI is expected to leave rates steady next Wednesday, even though the pandemic is still ongoing.
According to Bank of America Merrill Lynch, the first tightening step is anticipated to come in April or June. The RBI has started selling bonds after being a strong buyer in the first half, resulting in a large demand-supply mismatch and a surge in yields. It did so in the expectation that the government would enable local bonds to be included in international indices, but it has yet to do so.
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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe
The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.
Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.
An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.
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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations
The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.
According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.
The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.
Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.
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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election
The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.
Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.
Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.
As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.
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