RBI Governor Shaktikanta Das Speech LIVE Updates: Global situation remains grim, Indian economy relatively better placed

Inflation appears to have peaked: RBI Governor

Lok Sabha proceedings adjourned till 2 pm

Pralhad Joshi slams Sonia-Rahul Gandhi

Union Minister Pralhad Joshi today said both Sonia and Rahul Gandhi had gone to Supreme Court, but the National Herald case was not dismissed. “They’re out on bail. They harassed the Prime Minister when he was the Chief Minister. Yesterday they didn’t let parliament function even when we accepted to discuss price rise issue. They think they’re above law,” he said.

Sri Lanka President likely to keep finance portfolio

Sri Lankan President Ranil Wickremesinghe may keep the finance portfolio and could also appoint a junior minister to help him out with the department’s work, a source with knowledge of the matter told Reuters

If there is need for liquidity, banks will slowly and steadily raise deposit rates: Das

Digital lending guidelines should come out soon, we are trying to take a balanced call which is why it’s taking a lot of time: Das

Too early to say how the rupee trade settlement mechanism will work, but we are hopeful it will pick in the future: Das

System liquidity will come down as government spending picks up likely in the second half; ensure credit offtake is not affected: Das

We will be reviewing the inflation projection of 6.7% for fiscal 2023 during the upcoming MPC meet. I would not like to comment further as our research teams are working on it: Das

Systemic liquidity has come down, though it’s much more than it was before the onset of the pandemic. In such uncertain times, giving a dot plot will create unnecessary expectations on both sides: RBI governor

Lok Sabha proceedings adjourned till 12 pm today

Our target is to keep inflation around 4% over time so that the growth sacrifice is within manageable limits: Das

Our approach is to deal with the problem of inflation squarely. Our target is to have a soft-landing for the economy

– RBI Governor Shaktikanta Das

High frequency indications in July looking very positive. Aggregate demand has improved and rural demand is showing signs of pick up: Governor Das

It’s the opinion of everyone in the RBI that let’s not shift the (inflation) goal post as it suits us, the framework is working fine: Das

The RBI’s decisions on rate hike always keeps in mind the objective of growth: Das

India invites bids for design and construction of the Mumbai underground station and tunnels for the bullet train project.

Rajya Sabha proceedings adjourned till 12 pm today

Inflation targeting is important at all times as common man suffers the most due to high inflation. Unless the central bank takes measures to rein in inflation the negative interest rates will rise: Das

Current framework of inflation targeting has worked very well over the years: RBI Governor

RBI has been supplying US dollars to the market to ensure there is adequate liquidity: Das

Inflation is stabilising and the FX reserves are adequate: RBI Das

Good governance remains fundamental to success and should not be compromised at any time: RBI Governor

Going ahead the world of banking will be collaborative and competitive: Das

Banks are expected to be permanent institutions when they get a license from the RBI. Shareholders of banks should focus on long term profitability: Das

RBI is not targeting a level of rupee: Das

“We have zero tolerance for wild swings in the forex market,” the RBI governor said.

Movements of the rupee has been relatively smooth and orderly. India will continue to engage with the forex markets and will ensure that the rupee will find its optimal level as compared to its fundamentals, Das said.

A predominant part of the external commercial borrowing is adequately hedged, Das said. Out of outstanding ECB of $180 billion, almost 44% or $79bn is unhedged.

Akasa Air opens bookings, launch commercial flights on Aug 7

Newest entrant in India’s airline space Akasa Air today opened bookings for its commercial flights that are set to carry passengers from August 7. The initial network includes Ahmedabad, Bengaluru, Mumbai, and Kochi. “In the inaugural phase of its network development, Akasa Air will launch its operations by offering 28 weekly flights between Mumbai and Ahmedabad starting August 7, 2022,” it said in a statement. Starting August 13, the airline will start operating an additional 28 weekly flights between Bengaluru and Kochi.

Parliament adjournment notices

Mallikarjun Kharge on Murmu’s win

Having a woman President is welcome, Congress leader Mallikarjun Kharge said after NDA-backed Draupadi Murmu won the Presidential elections. “I hope she will respect the constitution & democracy as this is what has brought her to this post. We wish her time to be successful,” he said.

I&B minister congratulates Murmu

Information and Broadcasting Minister Anurag Thakur congratuled Draupadi Murmu on winning the Presidential elections. “I thank those who were not in NDA but voted for her. They rose above their party for the welfare of the country. Seeing a tribal woman rise to the highest post is a welcome sight,” he said.

Opposition protests persist

Opposition leaders including Congress MPs continued their protest in Parliament against the central government over GST rate increase, inflation and other issues

Modi urges citizens to hoist tricolour

Veteran politician Dinesh Gunawardena appointed Sri Lanka’s new Prime Minister

African swine fever reported in Kerala’s Wayanad District, officials say

Rupee falls 5 paise to 79.90 against US dollar in early trade

India Covid-19 Update

What’s happening in Lanka right now

Sri Lankan security forces raided an anti-government protest camp in the commercial capital Colombo early on Friday, two protest organisers said, a sign that the country’s new president was cracking down a day after his swearing in. The police on Friday also arrested nine people after the raid, a police spokesperson said. At least 50 protesters were injured, the organisers said, including some journalists.

US charges ex-Coinbase manager in first crypto insider trading case

A former product manager at Coinbase Global and two others have been charged with wire fraud in the first insider trading case involving cryptocurrency, U.S. prosecutors in Manhattan said on Thursday.Ishan Wahi, the product manager at the cryptocurrency exchange, and his brother Nikhil Wahi were arrested on Thursday in Seattle.They and a third defendant, their friend Sameer Ramani, also face related U.S. Securities and Exchange Commission civil charges. Ramani is at large.

An Air India Dreamliner aircraft from Dubai to Kochi that had 258 on board was diverted to Mumbai after the pilot reported “loss of pressure”.

Mamata Banerjee’s party will abstain from voting in the Vice President election, in which the ruling BJP’s candidate is Jagdeep Dhankhar, the Governor of Bengal.

Cong to decide course of action against MLAs who cross-voted in President polls

As many as seven MLAs of the Congress party in Gujarat have reportedly cross-voted in favour of NDA’s Droupadi Murmu in the presidential poll. It is estimated that Murmu, who secured 121 votes from the state, has recieved BJP’s 111, NCP’s one, Bharatiya Tribal Party’s two and Congress’ seven votes. Whereas, Opposition candidate Yashwant Sinha, who was supposed to get 64 votes – Congress’ 63 and one from independent MLA Jignesh Mevani, secured 57 votes.

Russia and Ukraine will sign a deal today to reopen Ukraine’s Black Sea ports to grain exports, a hopeful sign that an international food crisis caused by Russia’s invasion could be eased. Ukraine and Russia, both among the world’s biggest exporters of food, did not immediately confirm Thursday’s announcement by the office of the Turkish presidency. But in a late night video address Ukrainian President Volodymyr Zelenskiy hinted that his country’s Black Sea ports could soon be unblocked.