Nirmala Sitharaman on inflation: No question of India getting into stagflation or recession as macroeconomic fundamentals of the economy are strong, Sitharaman said while replying to the opposition's statements that India will also be in a condition being faced by Sri Lanka, Pakistan.
The rate hike comes ahead of the RBI's Monetary Policy Committee (MPC) meeting later this week. It is widely expected that the MPC would hike interest rates to tame high inflation.
The Reserve Bank's rate-setting panel -- Monetary Policy Committee -- will meet on August 3 for three days to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
Annual inflation in the eurozone’s 19 countries rose to 8.9% in July, an increase from 8.6% in June, according to the latest numbers published Friday by the European Union statistics agency.
Rahul Gandhi slams PM: Twenty Rajya Sabha MPs have been suspended from the House for the rest of the week after they continued to disrupt proceedings to press for an immediate discussion on price rise and levy of GST on essential items.
Raghav Chadha, the Rajya Sabha MP also alleged that the voices of the Opposition are being suppressed in the Parliament.
Noting that Indian agricultural practices have been always ahead of the time, Dattatreya Hosabale, said students of agriculture must also learn about India's ancient knowledge systems that had the best traditional farming practices.
Monsoon Session: Among other issues to be raised include unemployment, besides the falling value of the Rupee and the economic situation in the country. The party will seek a discussion in Parliament on the Chinese transgressions along the border in
Inflation update: The consumer price index (CPI) based inflation stood at 7.04 per cent in May and 6.26 per cent in June 2021.
Business news: The retail inflation has remained above 6 per cent since January this year forcing the central bank to go for two back-to-back hikes in policy rates (repo).
The first six months were full of surprises: Inflation, the biggest selloff in bonds in four decades, a plunge in tech stocks rarely matched in history, and the implosion of crypto, the Wall Street Journal reported.
The year-on-year increase was far higher than in May, when prices rose 6.8 percent, a level that was itself the highest one-month increase since Italy adopted the euro currency in 1999, Xinhua news agency quoted the ISTAT as saying in a report.
The global economic outlook is clouded by the ongoing war in Europe and the pace of monetary policy tightening by central banks in response to mounting inflationary pressures, Reserve Bank of India (RBI) report said.
The increase was in line with analysts' expectations and signals no quick end to the cost-of-living squeeze facing millions in Britain.
The six-member Monetary Policy Committee (MPC), headed by Das, had announced its decision on June 8. It was the second consecutive hike in repo rate.
People's need to get away on vacations continues to stay strong even in the wake of high inflation and an anticipated global slowdown due to lockdowns in China as well as the ongoing conflict in Europe.
RBI Governor Shaktikanta Das said that the central bank in March felt that economic activity was above the pre-pandemic levels and decided to shift focus to curbing inflation.
The Dow Jones Industrial Average lost 2.4% while the Nasdaq composite sank 4.1%.
Federal Reserve Interest Rate Hike Decision: Federal Reserve chair Jerome Powell will announce the decision of a two-day policy meeting on Wednesday.
Rising prices of food items and crude oil pushed the WPI inflation to a new high of 15.08 per cent in May.
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