Highlights of RBI monetary policy
Mumbai, Feb 7: Following are the highlights of the sixth bi-monthly monetary statement for 2018-19 by the RBI:
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RBI cuts key lending rate (repo) by 0.25 pc to 6.25 pc
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Reverse repo rate cut to 6 pc, bank rate to 6.5 pc, CRR unchanged at 4 pc
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Headline inflation estimates revised down to 2.8 pc in March quarter, 3.2-3.4 pc in first half of next fiscal and 3.9 pc in Q3 of FY'20
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Projects GDP growth to accelerate to 7.4 pc next fiscal, from 7.2 pc in 2018-19
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Pegs April-September growth in range of 7.2-7.4 pc, and 7.5 pc in Q3 of 2019-20
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Oil price outlook hazy, trade tensions to weigh on global growth prospects
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Union budget proposals to boost demand by raising disposable incomes
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To revise definition of bulk deposits as single rupee deposits of Rs 2 crore and above from Rs 1 crore currently
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To issue guidelines to harmonise major categories of NBFCs
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Proposes to set up a task force on Offshore Rupee Markets to ensure Rupee value stability
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Removes restrictions on Foreign Portfolio Investors investing in corporate debt market
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To come out with discussion paper on Payment Gateway Service Providers and Payment Aggregators
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Hikes limit of collateral-free agricultural loans to Rs 1.6 lakh from Rs 1 lakh, to help small and marginal farmers
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Constitutes Working Group to review agricultural credit
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Monetary policy committee votes 4:2 in favour of rate cut, unanimous on change in stance
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2 MPC members Chetan Ghate and Viral Acharya were for status quo in rates
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Next meeting of the MPC from April 2-4.
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Unruly scenes witnessed in Punjab Assembly
Chandigarh (PTI): The Punjab Assembly on Friday witnessed high drama on Friday after Congress MLA Sukhpal Singh Khaira made an allegedly objectionable remark against Chief Minister Bhagwant Mann during an intense argument over the alleged use of mobile phone in the house by the legislator.
During the one-day special session of the Punjab Vidhan Sabha here, Mann accused Khaira of using a mobile phone when Speaker Kultar Singh Sandhwan was reading out an official resolution on the revision of wages.
After rising from his seat, the chief minister pointed to the speaker, claiming that Khaira is busy on his mobile phone and urged him to ask the Congress MLA what Sandhwan had said about the resolution.
The speaker then asked Khaira to maintain order in the house and listen to the resolution carefully.
Mann then asked Khaira, "Why don't you go out and then use it (mobile phone)," which led to a strong verbal altercation during which the opposition MLA hurled an accusation against the chief minister. Meanwhile, the speaker appealed for order and insisted that the chair be addressed.
However, both Mann and Khaira continued arguing and could be seen pointing fingers at each other as the proceedings of the house were disrupted.
The AAP MLAs also rose from their seats with Finance Minister Harpal Singh Cheema condemning Khaira for his conduct and demanded action against him.
Cheema further alleged that Khaira "always tries to disturb the house" as he spoke about his conduct in the assembly.
The incident occurred as an official resolution on the revision of wages was presented at the special session by Labour Minister Tarunpreet Singh Sond who said it paid homage to labourers on the International Workers' Day.
"Workers are the axis of construction of the nation, the community, the state and society. Every construction project succeeds only through their blood and sweat," the resolution read.
As per the resolution, "The base rate of minimum wages for the working class in Punjab was last revised in the year 2012. Although the dearness allowance has continued to increase since 2012, there has been no increase in the base rate of minimum wages.
On this sacred occasion of May Day, in this special session of the legislative assembly, this house proposes to revise and increase the minimum wages of labourers and strongly recommends to the government to take a decision regarding the increase of minimum wages for workers, so that the contributions of the workers can be acknowledged." PRK
