I am Sanjay but not Sanjay of Mahabharat who can predict rate cuts, says RBI guv
Mumbai (PTI): I am Sanjay but not Sanjay of Mahabharat who can predict future rate actions and at what level rate moderation will stop amid the ongoing global uncertainties, RBI Governor Sanjay Malhotra said on Wednesday.
Malhotra's remarks came at a media briefing on being asked if more interest rate cuts are in the offing, after he delivered the second straight interest rate cut since taking over as the RBI governor.
According to the Mahabharat, Sanjay was blessed with divine vision and used his power to relay actions at the Kurushetra battlefield to blind King Dhritarashtra at his palace.
He further said monetary policy and fiscal policy are acting in tandem to meet the growth-inflation targets.
"It is a joint effort... the government has done its bit in the Budget recently by taking a large number of measures in terms of the increased capex, tax rebates and we have reduced repo rate and changed the stance going forward, which means that the direction of the policy repo rate is downwards.
"Where it will reach… we really don't know. I am Sanjay, but I am not Sanjay of Mahabharat to be able to foresee that far. I do not have the divine vision that he had," he said.
He further said "we will jointly (with the government) try to manage the growth and the inflation dynamics in our country".
Earlier in the day, Malhotra announced repo rate cut for the second consecutive time and signalled more easing ahead as the Reserve Bank of India (RBI) sought to bolster the economy in face of further pressure from damaging US tariffs.
Following the rate cut of 25 basis points, the key policy rate eased to 6 per cent. The move lowers borrowing costs to the lowest level since November 2022, amid easing inflation and a fall in oil prices.
Malhotra also assured that the RBI will maintain sufficient liquidity for speedier rate cut transmission.
We will provide sufficient liquidity for the purposes of monetary policy transmission.
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Rajasthan woman's throat slit, silver anklets stolen after cutting off legs
Jaipur, Apr 21 (PTI): Unidentified miscreants murdered a woman by slitting her throat and stole her silver anklets after cutting off her legs in Rajasthan’s Sawaimadhopur district, police said on Monday.
The incident occurred in the Bamanwas police station area, they said.
SHO Rakesh Kumar Sharma said 50-year-old Urmila Devi had gone to her farm on Sunday to collect wood. Some unknown miscreants killed her by slitting her throat and stole her silver anklets after cutting off her legs.
After getting information about the incident, villagers staged a dharna and demanded immediate arrest of the accused. The protest was called off on Monday after consensus was reached.
The body’s post-mortem will be conducted on Tuesday. Efforts are on to identify and arrest the accused, the SHO said.
