Positives outweigh negatives in the economy: RBI governor
Business Standard|November 07, 2024
Leaders of financial sector strike a note of confidence, optimism
Positives outweigh negatives in the economy: RBI governor

Even after changing the stance to "neutral" during the October review of the monetary policy, Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday indicated a rate cut might not be forthcoming while sounding confident on economic growth.

He acknowledged that the incoming data on growth presented a mixed picture but said the positives outweighed the negatives.

"I find that it is only the index of industrial production (IIP) numbers and fast-moving consumer goods sales in the urban sector that have considerably moderated," he said during a fireside chat on the inaugural day of the three-day Business Standard BFSI Summit 2024.

"But other than that, goods and services tax, e-way bills, toll collection, air passenger traffic, and the performance of the steel, cement and automobile industries have been exceedingly good. The incoming data presents a mixed picture, but the positives outweigh the negatives."

While changing the stance to "neutral" in the October policy review, the policy repo rate was kept unchanged at 6.5 per cent. The next policy review has been scheduled for December 4-6.

"In September, the inflation print came in at 5.5 per cent. In October it is going to be high, perhaps higher than in September," he said, adding a change in stance did not mean that the next step was a rate cut in the very next meeting.

Speaking at a fireside chat during the summit, State Bank of India Chairman C S Setty said banks were increasingly prioritising value-added services tied to customer accounts and strengthening customer relationships.

"Today all of us are focusing on deposit mobilisation," Setty said.

هذه القصة مأخوذة من طبعة November 07, 2024 من Business Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة November 07, 2024 من Business Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من BUSINESS STANDARD مشاهدة الكل
A SWEET DEAL
Business Standard

A SWEET DEAL

Bioplastics emerge as another revenue stream for sugar firms, a green one at that. Can the industry balance all the demands?

time-read
4 mins  |
November 26, 2024
Maha election results fire up PSU stocks
Business Standard

Maha election results fire up PSU stocks

Analysts believe NDA's landslide victory in the state will bring zing back to the markets that have seen some correction recently

time-read
3 mins  |
November 26, 2024
Adopt online banking, reduce branch visits to minimise vulnerability
Business Standard

Adopt online banking, reduce branch visits to minimise vulnerability

At the recently held State Bank of India Economist Conclave, Finance Minister Nirmala Sitharaman highlighted that while bancassurance has improved insurance penetration, it has also led to mis-selling.

time-read
2 mins  |
November 26, 2024
Zomato shares zoom on Sensex inclusion
Business Standard

Zomato shares zoom on Sensex inclusion

Shares of Zomato rallied as much as 7.6 percent on Monday, buoyed by the stock's entry into the benchmark Sensex.

time-read
1 min  |
November 26, 2024
RIL shares rise on Citi's 'buy' call
Business Standard

RIL shares rise on Citi's 'buy' call

US brokerage has raised scrip target price to ₹1,530, an upside of over 18%

time-read
1 min  |
November 26, 2024
Business Standard

Godrej Properties to gain from strong land portfolio, demand outlook

Expansion of its development portfolio, brokerage upgrades, and strong outlook have led to a 15 percent gain for the stock of real estate major Godrej Properties (GPL) in six trading sessions.

time-read
2 mins  |
November 26, 2024
Rupee appreciates 0.2% to 84.29 against dollar
Business Standard

Rupee appreciates 0.2% to 84.29 against dollar

The rupee appreciated by 0.2 per cent against the US dollar on Monday, tracking gains in its Asian peers.

time-read
1 min  |
November 26, 2024
Edelweiss Financial explores minority stake sale in MF unit
Business Standard

Edelweiss Financial explores minority stake sale in MF unit

May value the business at $700-$800 million

time-read
1 min  |
November 26, 2024
Sensex reclaims 80,000 mark
Business Standard

Sensex reclaims 80,000 mark

Maha poll results, MSCI buying underscore gains

time-read
2 mins  |
November 26, 2024
Politics, culture and performance
Business Standard

Politics, culture and performance

\"All the world's a stage, and all the men and women merely players.\" If we start looking at ourselves as characters who perform, and observe where the stage is, a lot more can start to make sense.

time-read
3 mins  |
November 26, 2024