Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said that despite a brighter outlook for the economy, downside risks to growth remain as Covid cases surge(ANI)
Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said that despite a brighter outlook for the economy, downside risks to growth remain as Covid cases surge(ANI)

Sustaining demand will be key: Shaktikanta Das

In his address, the RBI governor also said that India’s move towards capital account convertibility will be a process rather than an event. He also assured that the central bank is committed to the orderly functioning of the markets.Move towards capital account convertability will be an event.
By Gopika Gopakumar | Hindustan Times, New Delhi
UPDATED ON NOV 27, 2020 05:09 AM IST

Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said that despite a brighter outlook for the economy, downside risks to growth remain as Covid cases surge. The governor’s note of caution comes at a time many states are planning to reimpose local restrictions.

“After witnessing a sharp contraction in GDP by 23.9% in Q1:2020-21 and a multi-speed normalisation of activity in Q2, the Indian economy has exhibited stronger-than-expected pickup in momentum of recovery,” Das said at a foreign exchange dealers’ conference.

Also Read | India stocks rise after RBI Governor Shaktikanta Das flags strong recovery

Das added, “We need to be watchful about sustainability of demand after festivals and a possible reassessment of market expectations surrounding the vaccine. The monetary policy guidance in October emphasized the need to see through temporary inflation pressures and also maintain the accommodative stance at least during the current fiscal and into the next financial year.”

States and Union territories may reimpose local restrictions to contain the spread of Covid based on their own assessment, the Union home ministry said on Wednesday.

In his address, the RBI governor also said that India’s move towards capital account convertibility will be a process rather than an event.

Das also assured that the central bank is committed to the orderly functioning of the markets.Move towards capital account convertability will be an event, Das added

SHARE THIS ARTICLE ON
app
Close
Union power minister RK Singh said the surging demand also shows the success of Subhagya, under which the Centre provided electricity to the homes of poor(Representative Image/Reuters Photo )
Union power minister RK Singh said the surging demand also shows the success of Subhagya, under which the Centre provided electricity to the homes of poor(Representative Image/Reuters Photo )

India's power demand surges to record high

ANI, New Delhi
PUBLISHED ON JAN 21, 2021 07:08 AM IST
The demand (and supply) of power in January (upto January 19, 2021) has grown by 8 per cent as compared to the corresponding period last year, Union power minister RK Singh said.
Close
Chairman of Alibaba Group Jack Ma.(AP File Photo )
Chairman of Alibaba Group Jack Ma.(AP File Photo )

Analysis: Jack Ma's reappearance fails to soothe all investor concerns

Reuters, New York/boston
PUBLISHED ON JAN 21, 2021 06:44 AM IST
Uncertainty about Alibaba has hurt the stock, which remains below levels prior to the cancellation of the Ant IPO.
Close
MSMEs employ about 110 million workers and contribute to about 40% of exports (MSME census, 2006-07), and have a huge role to play in creating quality jobs, improving export competitiveness, and increasing aggregate productivity.(Sunil Ghosh/HT file photo. Representative image)
MSMEs employ about 110 million workers and contribute to about 40% of exports (MSME census, 2006-07), and have a huge role to play in creating quality jobs, improving export competitiveness, and increasing aggregate productivity.(Sunil Ghosh/HT file photo. Representative image)

Need focus on removing obstacles to ‘good’ jobs

By hindustantimes.com
PUBLISHED ON JAN 21, 2021 04:25 AM IST
As businesses struggled to stay afloat, the government announced a number of measures targeted towards the so-called Micro, Small and Medium Enterprises (MSMEs). Many of these measures, part of the Atmanirbhar Bharat Abhiyan package, are aimed at easing financial constraints faced by businesses.
Close
A better-than-expected start to earnings reporting season also helped lift the market Wednesday.(REUTERS)
A better-than-expected start to earnings reporting season also helped lift the market Wednesday.(REUTERS)

Wall Street hits records as hopes build for more stimulus

AP
UPDATED ON JAN 21, 2021 04:13 AM IST
The S&P 500 rose 1.4%, topping its previous all-time high set earlier this month. The Dow Jones Industrial Average, Nasdaq composite and Russell 2000 index of smaller companies also notched record highs, powered by gains in technology, communications, health care and most other sectors.
Close
US stocks are rising again climbing toward records on stronger-than-expected earnings reports and continued optimism that an economic recovery is on the way. (AP)
US stocks are rising again climbing toward records on stronger-than-expected earnings reports and continued optimism that an economic recovery is on the way. (AP)

US stocks near records ahead of Biden inauguration

AP
PUBLISHED ON JAN 20, 2021 08:34 PM IST
Joe Biden will take the oath of office to become US president later in the day, and he has a flurry of executive actions at the ready.
Close
According to the data, around 6.41 lakh new members joined EPFO in November 2020.(HT Photo)
According to the data, around 6.41 lakh new members joined EPFO in November 2020.(HT Photo)

Latest payroll data says new enrollments to EPFO slips to 10.11 lakh in Nov 2020

PTI, New Delhi
PUBLISHED ON JAN 20, 2021 08:13 PM IST
Provisional payroll data released by the Employees' Provident Fund Organisation (EPFO) last month had shown that net new enrolments were at 11.54 lakh in October 2020.
Close
Sensex ends at record high of 49,792, Nifty at 14,645(PTI)
Sensex ends at record high of 49,792, Nifty at 14,645(PTI)

Sensex ends at record high of 49,792, Nifty at 14,644

PTI, Mumbai
UPDATED ON JAN 20, 2021 04:22 PM IST
World stocks advanced on Wednesday after US Treasury Secretary nominee Janet Yellen called for a hefty stimulus to protect the US economy.
Close
Saudi shipments to China in 2020 were rose 1.9% from a year earlier to 84.92 million tonnes. In picture - Saudi Aramco's Ras Tanura oil refinery and oil terminal.(Reuters)
Saudi shipments to China in 2020 were rose 1.9% from a year earlier to 84.92 million tonnes. In picture - Saudi Aramco's Ras Tanura oil refinery and oil terminal.(Reuters)

Saudi Arabia edges past Russia to become China's biggest oil supplier in 2020

Reuters, Beijing/singapore
PUBLISHED ON JAN 20, 2021 03:07 PM IST
Russia was a close second with shipments of 83.57 million tonnes, or 1.67 million bpd, up 7.6% from 2019.
Close
Tesla shares, which were included in the S&P 500 index this week, have surged eightfold this year ahead of the addition to the benchmark index’s measure.(AP)
Tesla shares, which were included in the S&P 500 index this week, have surged eightfold this year ahead of the addition to the benchmark index’s measure.(AP)

Tesla faces bumpier ride breaking into India after China success

Bloomberg
PUBLISHED ON JAN 20, 2021 02:35 PM IST
PM Modi’s administration is planning to offer about 1.7 trillion rupees in incentives to attract global companies to set up manufacturing, people with knowledge of the matter said in September.
Close
Amazon Great Republic Day Sale 2021 begins(Reuters image)
Amazon Great Republic Day Sale 2021 begins(Reuters image)

Amazon Great Republic Day Sale 2021 begins: All you need to know

By hindustantimes.com | Edited by Karan Manral
UPDATED ON JAN 20, 2021 11:10 AM IST
Here's everything you need to know about Amazon’s latest offering to its customers.
Close
The assault on Ma’s trillion-dollar corporate empire encapsulates a broader campaign to rein in a generation of Chinese tech giants that Beijing now views as wielding too much control over the world’s No. 2 economy.(AP file photo)
The assault on Ma’s trillion-dollar corporate empire encapsulates a broader campaign to rein in a generation of Chinese tech giants that Beijing now views as wielding too much control over the world’s No. 2 economy.(AP file photo)

Jack Ma emerges for first time since crackdown on Ant, Alibaba

Bloomberg
UPDATED ON JAN 20, 2021 12:07 PM IST
China’s most recognizable entrepreneur addressed scores of teachers on an online conference Wednesday, part of an annual event the billionaire hosts to recognize the achievements of rural educators.
Close
After opening on a negative note, the 30-share BSE Sensex was up by 17.84 points or 0.04 per cent at 47,764.06 in morning session.(PTI)
After opening on a negative note, the 30-share BSE Sensex was up by 17.84 points or 0.04 per cent at 47,764.06 in morning session.(PTI)

Sensex rallies over 170 points in early trade; Nifty tops 14,590

PTI
UPDATED ON JAN 20, 2021 10:01 AM IST
Analysts said Indian stocks took cues from global equities which rose to record highs after US Treasury Secretary nominee Janet Yellen called for a hefty fiscal relief package.
Close
The price range for the IPO has been fixed at <span class='webrupee'>₹</span>25-26 per share.(Representative photo.)
The price range for the IPO has been fixed at 25-26 per share.(Representative photo.)

IRFC IPO closes today, was oversubscribed 1.22 times on Tuesday

By hindustantimes.com | Edited by Amit Chaturvedi
PUBLISHED ON JAN 20, 2021 08:07 AM IST
The IRFC, set up in 1986, is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets.
Close
A bankrupt company and its assets cannot face criminal proceedings once it is sold to new owners," the apex court said.(Biplov Bhuyan/HT File Photo)
A bankrupt company and its assets cannot face criminal proceedings once it is sold to new owners," the apex court said.(Biplov Bhuyan/HT File Photo)

Supreme Court upholds laws protecting new owners of bankrupt companies

ANI, New Delhi
PUBLISHED ON JAN 20, 2021 07:58 AM IST
The top court upheld the Section 32A of the Insolvency and Bankruptcy Code (IBC) granting statutory immunity to successful resolution applicant from prosecution.
Close
Siddhartha Mohanty will replace TC Susheel Kumar as the managing director of Life Insurance Corp (Ramesh Pathania/Mint.)
Siddhartha Mohanty will replace TC Susheel Kumar as the managing director of Life Insurance Corp (Ramesh Pathania/Mint.)

Siddhartha Mohanty appointed as new LIC MD

By Gopika Gopakumar, Mumbai
PUBLISHED ON JAN 20, 2021 04:48 AM IST
In a notification issued on Tuesday, the appointments committee of the cabinet (ACC) has approved the appointment of Siddhartha Mohanty till his superannuation on June 30, 2023.
Close
SHARE
Story Saved
OPEN APP