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RBI-Centre tussle: Is govt trying to guide interest rates?

The Morning Standard

|

November 25, 2024

Is the Centre undoing its own achievements in bringing in legislation, setting up six-member MPC that is guided by data to bring inflation down to 4%?

- BENN KOCHUVEEDAN

RBI-Centre tussle: Is govt trying to guide interest rates?

MINT Road observers were taken aback by the sudden calls from top two Union ministers to cut the interest rates, days ahead of the December 6 policy meeting and within a month of the governor Shaktikanta Das' six-year term ending.

Are we going back to the days of bitter public spats that government and the Reserve Bank of India (RBI) had when Subbarao was at the helm which got lingered into the terms of Raghuram Rajan and Urjit Patel, though not on rates per se but on larger policy issues?

What has suddenly changed the honeymoon-days-like cordial relationship between the RBI and government in the past six years? Das completes his near-record six-year term on December 12—the longest tenure since Benegal Rama Rau's, who helmed the central bank for 7.5 years from 1949-57—and all indications signal that he's going to keep the job for a year or two at least.

First it was the chief economic advisor V Anantha Nageswaran who made a wild-card demand in the last economic survey—skin food items off the retail inflation basket—food items constitute as much as 45.9% of the weighting in retail inflation basket and their prices cannot be controlled by monetary policy as they are supply-driven.

The issue got a silent response from the RBI at the next policy presser: RBI believes that food inflation is central to its prices control objectives.

MEER VERHALEN VAN The Morning Standard

The Morning Standard

GST 2.0: Small retailers see short-term losses

While some retailers have already reduced prices to reflect lower tax outgo, most continue to seek clarity

time to read

2 mins

September 24, 2025

The Morning Standard

Buyers can report rate cut benefit denial on helpline

CONSUMERS who are not receiving the benefits of goods and services tax (GST) rate reductions can now raise their complaints with the National Consumer Helpline (NCH).

time to read

1 min

September 24, 2025

The Morning Standard

SHRIRAM KENDRA’S RAM LIGHTS UP NAVRATRI

As the Diwali-Dussehra season begins and Sharadiya Navratri unfolds, Delhi’s Shriram Bharatiya Kala Kendra (SBKK) has opened its doors for the annual staging of its renowned dance-drama RAM.

time to read

2 mins

September 24, 2025

The Morning Standard

First fully electric Delhi-Baraut AC bus service flagged off from ISBT

CM Rekha Gupta on Tuesday flagged off an inter-state AC bus service after nearly 18 years and launched the Automated Fare Collection System (AFCS) along with the 'Chalo' App.

time to read

1 mins

September 24, 2025

The Morning Standard

Spat over pets: Neighbours asked to serve pizzas

THE Delhi High Court has directed two neighbours to distribute pizzas and buttermilk to residents of an ashram while quashing FIRs they had filed against each other over a spat involving their pets.

time to read

1 min

September 24, 2025

The Morning Standard

Russian strikes kill civilians, Ukrainian drones shot down

Russia said that it shot down three dozen Ukrainian drones heading toward Moscow while Ukraine said that Russian missiles, drones and bombs killed at least two civilians, as Ukrainian President Volodymyr Zelenskyy persevered with efforts to bolster international support for his country at a UN gathering of world leaders on Tuesday.

time to read

1 min

September 24, 2025

The Morning Standard

After Tejashwi's refusal, Owaisi to launch yatra

DAYS after its offer to join INDIA bloc was turned down, All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief and Hyderabad MP Asaduddin Owaisi is all set to launch 'Seemanchal Nyay Yatra' in Muslim dominated region of Bihar from September 24.

time to read

1 min

September 24, 2025

The Morning Standard

Schoolgirl killed, two injured as e-rickshaw overturns in Paharganj

A 16-year-old schoolgirl was killed and two others injured after an e-rickshaw they were travelling in overturned in Paharganj area.

time to read

1 mins

September 24, 2025

The Morning Standard

'GST reduction to force repricing in insurance sector'

WELCOMING the GST rate reductions to 0% from 18% and making it affordable for the customers, Casparus JH Kromhout, CEO of Shriram Life, said on Tuesday the rate cuts will squeeze the margins for the companies and as it is not a high-margin industry.

time to read

1 mins

September 24, 2025

The Morning Standard

The Morning Standard

Trump's claims on paracetamol's link to autism unscientific: Experts

Former WHO chief scientist says remarks premature, drug still safest for pregnant women

time to read

2 mins

September 24, 2025

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