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The Reserve Bank of India is expected to keep policy rates unchanged till April, according to a report.

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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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MSEDCL Steps In as Seawoods Residents Face High Electricity Bills

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Power officials promise meter checks and bill revisions following public outrage over double and triple charges.

The Bills

Opening this month’s electricity bill brought an unwelcome shock to families across Seawoods. Households in several residential complexes reported sudden, unexplainable spikes, with monthly charges doubling or even tripling despite maintaining their regular energy usage.

Driven by rising public frustration, local citizen groups approached the Maharashtra State Electricity Distribution Company Limited (MSEDCL), prompting officials to step in and promise a full investigation.

Residents expressed deep concern over potential meter glitches, inaccurate readings, or incorrect tariff slab calculations applied by the state power distributor.

“Our routine usage hasn’t changed at all, yet our bill has shot through the roof,” shared one frustrated Seawoods resident. “It is unreasonable to pay double for the exact same power consumption.”

Acknowledging the grievances, MSEDCL officials confirmed they will conduct physical meter re-inspections and review historical reading logs to rectify technical or calculation errors.

To resolve individual cases, the utility body has instructed affected consumers to submit formal complaints with their 12-digit consumer number and bill copies. Residents can lodge these directly at local subdivision offices or through the MSEDCL portal and app for verification and billing adjustments.

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Double Standards on the Hill: Kharghar Residents Protest Selective Ban

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Locals accuse CIDCO of turning away ordinary walkers while granting VIPs and events access to Kharghar Hill.

The Protest

A growing sense of frustration has brought Kharghar residents out of their morning routines and into active protest. Members of the Kharghar Hill Welfare Association and Sajag Nagrik Manch gathered at the hill’s entrance near the RBI Colony Metro station to voice anger against the City and Industrial Development Corporation (CIDCO) over glaring double standards.

CIDCO enforces an annual entry ban on Kharghar Hill from June 15 to September 15 due to monsoon landslide risks. While locals understand safety precautions, they argue the rule is being applied selectively. Protesters held signs declaring “Every Citizen is Equal Before the Constitution,” pointing out that while daily walkers are turned away, VIPs and organized commercial runners continue to gain access.

“If the hill is dangerous due to landslides, it should be unsafe for everyone,” expressed frustrated local residents. “How does the danger disappear for private marathons and VIPs while ordinary citizens are barred?”

Residents also highlighted long-standing civic neglect regarding the damaged access road to local tribal hamlets like Phanaswadi, which was only repaired ahead of an upcoming marathon event. Protesters have warned they will step up demonstrations and oppose the August 23 marathon if CIDCO fails to establish a fair and uniform entry policy for all.

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Urgency in Navi Mumbai, NMMC Demands Evacuation of 34 Dangerous Buildings

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Civic officials cut off power and water connections following a tragic building collapse in neighboring Bhiwandi.

The Danger

As heavy monsoon rains continue to batter the region, the Navi Mumbai Municipal Corporation (NMMC) has issued a critical warning to local residents: evacuate your homes immediately or face life-threatening risks.

Municipal Commissioner Kailas Shinde has ordered the swift evacuation and demolition of 34 structures classified as ‘C-1’ma category reserved for buildings deemed structurally unsafe and beyond repair.

The sudden crackdown follows a devastating building collapse in neighboring Bhiwandi, prompting state-wide directives to prevent monsoon disasters. To force compliance and safeguard lives, civic authorities have begun disconnecting electricity and water supplies to the identified properties.

“Our highest priority is ensuring zero loss of life during this monsoon,” civic officials emphasized. “Remaining in these structures poses a direct threat to residents and passersby alike.” Turbhe ward carries the highest risk, housing 15 of the 34 hazardous buildings, while others are spread across Belapur, Nerul, Vashi, Koparkhairane, Airoli, and Digha.

NMMC made it clear that occupants remaining in these structures do so at their own risk, stating the civic body will bear no legal or financial liability in the event of a collapse. Property owners and tenants must cease all residential and commercial activities immediately to pave the way for safe demolition.

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