Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / News/  RBI action to help ease inflation: FM
BackBack

RBI action to help ease inflation: FM

RBI action to help ease inflation: FM

Premium

New Delhi: India’s headline inflation will ease following the tough measures taken by the Reserve Bank of India (RBI), the finance minister said on Wednesday.

Pranab Mukherjee also said he does not believe the central bank’s rate hike cycle is nearing its peak.

The RBI on Tuesday stunned investors by raising interest rates 50 basis points and indicated it would continue with its anti-inflationary stance despite slowing growth in Asia’s third-largest economy and uncertain global demand.

A Reuters snap poll after the move found six of 11 economists expect the repo rate, the central bank’s key lending rate, to go up to 8.50%, or 50 basis points higher than in a poll last week.

The repo rate is now at 8%.

Although the RBI has raised its main lending rate by 325 basis points since March 2010, headline inflation, at 9.44% in June, remains way above its comfort zone of 4-4.5%.

Govt may not pass land Bill in next session

Parliament may not pass a landmark land acquisition Bill in the session that begins on Monday, Pranab Mukherjee said, citing the legislative procedures involved in the process.

The Bill seeks to overhaul a colonial era law and offer farmers market or better rates for land taken over for industrial projects, and is expected to blunt protests that have hobbled several multi-billion dollar investments into India.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 27 Jul 2011, 03:41 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App