Possibility of currency wars risk to India's growth: RBI Governor
Mumbai, Aug 1: The Reserve Bank of India on Wednesday said that the possibility of global protectionist measures culminating into currency wars can hamper India's growth prospects.
"We already had a few months of turbulence behind us and it looks like that this is likely to continue for how long I don't know. But the trade skirmishes evolved into tariff wars and now we are possibly at the beginning of currency wars," RBI Governor Urjit Patel said at a press conference after a meeting of its monetary policy committee.
"Given this we have to ensure that we run a tight ship on the risks that we control to maximise the chances of ensuring macroeconomic stability and continuing with the growth profile of 7 to 7.5 per cent going forward. We do have things that are in our favour and if we continue along that path we ensure that we don't add to the global risk profile that would adversely affect us."
Lately, a slew of trade protectionist measures initiated by major economies led by the US has impacted international business sentiment and resulted in retaliatory tariff wars.
On July 7, Union Commerce and Industry Minister Suresh Prabhu said global trade is passing through "challenging times" and the existence of World Trade Organisation (WTO) was under threat.
According to Patel, other risks such as higher crude oil prices and an upward inflation trajectory might also impede India's growth rate which he expects to grow at 7.4 per cent in 2018-19.
Patel's cautionary note came after the RBI's Monetary Policy Committee (MPC) voted to raise the apex bank's key benchmark lending rate by 25 basis point to 6.5 per cent in the third monetary policy review of 2018-19 on Wednesday.
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Cong cites Kangana's purported remarks to accuse BJP of wanting to bring back repealed farm laws
New Delhi, Sep 24: The Congress on Tuesday cited BJP MP Kangana Ranaut's purported remarks on farm laws to allege that the ruling party was making efforts to bring back the three laws that were repealed in 2021, and asserted that Haryana will give a befitting reply to it.
The Congress shared on X an undated video of Ranaut in which she is purportedly saying in Hindi, "Farm laws that have been repealed should be brought back. I think this may get controversial. The laws in farmers' interest be brought back. Farmers should themselves demand this (to bring farm laws back) so that there is no hindrance to their prosperity.
"Farmers are a pillar of strength in India's progress. Only in some states, they had objected to farm laws. I appeal with folded hands that farm laws should be brought back in the interest of farmers."
In a post in Hindi along with the video, the Congress said, "The three black laws imposed on farmers should be brought back: BJP MP Kangana Ranaut has said this. More than 750 farmers of the country were martyred, only then did the Modi government wake up and these black laws were withdrawn."
Now BJP MPs are planning to bring back these laws, the Congress alleged.
"The Congress is with the farmers. These black laws will never return, no matter how hard Narendra Modi and his MPs try," the opposition party said on X.
Congress spokesperson Supriya Shrinate also shared the video of Ranaut on X and said, "'All three farm laws should be brought back': BJP MP Kangana Ranaut. More than 750 farmers were martyred while protesting against the three black farmer laws. Efforts are being made to bring them back."
"We will never let that happen. Haryana will answer first," she said in an apparent reference to the assembly polls in Haryana.
Congress' media and publicity department head Pawan Khera also shared the video on X and said it was the BJP's "real thinking".
"How many times will you deceive the farmers, you two-faced people?" Khera said in a post in Hindi.
The three laws -- Farmer's Produce Trade and Commerce (Promotion and Facilitation) Act; The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Act; and The Essential Commodities (Amendment) Act -- were repealed in November 2021.
The farmers' protest started at the fag-end of November 2020 and ended after Parliament repealed the three laws. The legislations came into force in June 2020 and were repealed in November 2021.
“तीनों किसान क़ानून वापस लाये जाने चाहिए” : BJP MP कंगना रनौत
— Supriya Shrinate (@SupriyaShrinate) September 24, 2024
जिन तीन काले किसान विरोधी क़ानूनों की मुख़ालिफ़त करते 750 से ज़्यादा किसान शहीद हो गए
उनको दोबारा से लाने की कोशिश की जा रही है. हम ऐसा कभी नहीं होने देंगे
सबसे पहला जवाब हरियाणा देगा pic.twitter.com/kRAkRuE2cc
