RBI opts for pause 2nd time in a row; keeps repo rate unchanged at 6.5%
Mumbai (PTI): The Reserve Bank of India on Thursday opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates.
The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.
Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.
While keeping the interest rate intact, Das said headline inflation still remains above RBI's target of 4 per cent and expected to remain so during the rest of the year.
Inflation projection has been slashed marginally to 5.1 per cent from earlier estimate of 5.2 per cent for current financial year.
He said retail inflation has been below the upper band of 6 per cent for the last two years.
The MPC meeting took place against the backdrop of consumer price-based (CPI) inflation declining to a 18-month low of 4.7 per cent in April. The Reserve Bank governor recently indicated that the May print would be lower than the April numbers. The CPI for May is scheduled to be announced on June 12.
The government has mandated RBI to ensure CPI inflation at 4 per cent with a margin of 2 per cent on either side.
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Suvarna News expresses regret for controversial Pak flag representation, calls it 'mistake'
Bengaluru: Suvarna News which was under scrutiny on social media for using Pakistani flag to represent India's Muslim population during a recent discussion program has issued an apology regarding the matter. The channel acknowledged the error, attributing it to an oversight adding it was without any malicious intent.
The incident occurred during a discussion hosted by Ajit Hanumakkanavar on the population report released by the Prime Minister's Economic Advisory Council. Using the Indian flag to signify the Hindu population and the Pakistani flag for the Muslim population sparked immediate controversy.
In response to the backlash, Suvarna News expressed regret for the oversight and stated that it was a result of oversight.
The Prime Minister's Economic Advisory Council's report, which highlighted a decline in the Hindu population and a significant increase in the Muslim population amidst the ongoing Lok Sabha elections, has fueled heated debates across the nation. The Population Foundation of India (PFI) had later raised concerns over misrepresentation of the numbers by the media from the report to create a divide among the communities on the matter.
Following suit, mainstream visual media has initiated various talk shows centered around the report's findings. Suvarna News Kannada news channel aired a similar discussion, inadvertently sparking the controversy over flag representation.
The Population Foundation of India (PFI) had later raised concerns over misrepresentation of the numbers by the media from the report to create a divide among the communities on the matter.
