RBI retains repo rate at 6.5 pc
Mumbai (PTI): The Reserve Bank of India on Friday decided to keep the policy rate unchanged for fourth time in a row as it maintains a tight vigil on inflation.
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 on Friday, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the repo rate unchanged at 6.5 per cent.
He said the MPC will remain watchful of the inflation and remains resolute in its commitment to align inflation to the targeted level.
According to him, the growth projection has been retained at 6.5 per cent for the current financial year with risks evenly balanced.
The MPC meeting took place against the backdrop of Consumer Price-based Inflation (CPI) touching 6.83 per cent in August. The September print of inflation is expected next week.
The government has mandated the RBI to keep CPI inflation at 4 per cent with a margin of 2 per cent on either side.
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Special legislature session to pass resolution demanding re-implementation of MGNREGA: Siddaramaiah
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Thursday said that a special session of the state legislature will be called soon to pass a resolution demanding the centre for re-implementation of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
The CM said this at a meeting of Congress legislators at a hotel here, to discuss the nationwide "Save MGNREGA" mass movement organised by the AICC.
Deputy CM and state Congress President D K Shivakumar, all ministers, MLAs, and Legislative Council members were present.
The Congress has demanded that the centre scrap the new Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) Act, and bring back the UPA-era MGNREGA.
Earlier in the day, the state cabinet decided not to accept the recently enacted VB-G RAM G Act, replacing the MGNREGA, and to take up a legal battle against it.
"A special session of the state legislature will be called soon to pass a resolution demanding the re-implementation of the MGNREGA," Siddaramaiah was quoted as saying at the meeting by his office in a release.
The MGNREGA was a scheme to create employment in rural areas for Dalits, women and farmers, he said. One hundred days of employment opportunities were available under this scheme in a year. "But, the central government has taken up the task of taking away this very employment," he alleged.
Accusing the central government of removing the name of Mahatma Gandhi from the scheme, Siddaramaiah claimed, "By doing this, Gandhi has been killed once again. This is the lesson taught to them by the Sangh Parivar."
Terming the centre repealing the MGNREGA as an injustice to crores of Dalits, he said, "Our struggle must be intensified. Those who have taken away the employment rights of the poor must be taught a lesson. The Sangh Parivar cannot tolerate the poor becoming economically empowered."
Calling for a mass movement to re-implement the MGNREGA, the CM said, every gram panchayat member should reach out to those working under the MGNREGA scheme.
"MLAs should also work to make people aware of the issue. An environment needs to be created where our struggle develops into a mass movement," he said, adding that it is unconstitutional to cancel a programme implemented by the Congress government and take away the right to employment from the poor.
