Connect with us

India

Rising food prices push India’s August retail inflation to five-month high

Published

on

Retail

NEW DELHI  : India’s consumer price inflation rose more than expected to a five-month high in August, fuelled by strong gains in prices of food items, dampening chances of a rate cut by the Reserve Bank of India (RBI) in a policy review next month amid weak economic growth.

India’s consumer price index (CPI) rose 3.36 percent in August from a year earlier, data released by the Ministry of Statistics on Tuesday showed.

Analysts polled by Reuters had expected CPI inflation would edge up to 3.20 percent, compared with 2.36 percent in July.

Last month, the RBI cut its main policy rate by 25 basis points to 6 percent, the lowest since 2010, while keeping its policy stance at “neutral”.

Analysts said a rise in inflation for two straight months has reduced the chances of another rate cut by the Reserve Bank of India, which has a central inflation target of 4 percent.

“We are of the opinion that RBI will not deliver any rate cut this calendar year,” said Hitesh Jain, an analyst at IIFL Wealth Management.

The monetary policy committee (MPC) of the central bank had warned prices could start accelerating soon, reflecting caution, despite pressure to cut more aggressively after consumer inflation remained below its central target since October.

Inflation had eased to 1.46 percent in June – its slowest pace since India started releasing retail inflation figures in January 2012, based on combined data for rural and urban consumers.

Separately, annual industrial output grew at 1.2 percent in July, in line with the forecast by economists in a Reuters poll, the data showed.

Industrial output contracted 0.2 percent in June.

Asia’s third largest economy slowed to a three-year low in the three months to June, delivering a blow to Prime Minister Narendra Modi, who faces criticism for disrupting business activity with his shock cash squeeze last year.

LOWER FOOD OUTPUT

India’s food grain production is expected to fall this year following a decline in areas under plantation, following unfavourable weather conditions in some states.

Seasonal monsoon rains have caused damage to some crops and hit movement of goods.

“Looking ahead, price pressures are set to rise further,” said Shilan Shah, an economist at Capital Economics in Singapore.

Retail food inflation, which accounts for about 54 per cent of the consumer price index, rose 1.52 percent in August after prices contracted in the previous three months.

REUTERS

India

Policeman attempts to fire at Kamal Nath

Rajya Sabha MP and advocate Vivek Tankha posted two tweets informing about the incidence.

Published

on

Kamal Nath

As per Rajya Sabha MP Vivek Tanka, a policeman tried to fire his rifle at senior Congress leader Kamal Nath at the Chhindwara airstrip in Madhya Pradesh. The policeman was overpowered by the security personnel present at the airstrip and has now been placed under suspension.

Rajya Sabha MP and advocate Vivek Tankha posted two tweets informing about the incidence.

Kamal Nath represents Chhindwara in Loksabha and is presently the longest serving member of the Indian Parliament. He has been elected nine times from Chhindwara.

He has won every election since 1980 with the sole exception of elections to 11th Loksabha in 1996.

Continue Reading

India

Hemraj’s wife moves to Supreme Court,challenging acquittal of Arushi’s parents

Published

on

arushi-talwar-murder-case
Arushi's parents, Nupur Talwar and Rajesh Talwar (File Photo)

In Arushi-Hemraj Murder Case of 2008,  Hemraj’s wife has moved to  Supreme Court, challenging acquittal of  Arushi’s parents Rajesh &  Nupur Talwar.

The Allahabad high court on 12th October acquitted Rajesh and Nupur Talwar for the murder of their daughter Aarushi and domestic help Hemraj in 2008, setting aside the 2013 verdict by a special Central Bureau of Investigation (CBI) court in Ghaziabad.

The couple were awarded life sentence by a special CBI court in Ghaziabad on 26 November 2013, a day after their conviction.

WeForNews

 

 

Continue Reading

India

Cabinet approves bill to replace Medical Council of India

Published

on

Medical Council Of India
Medical Coucil Of India

New Delhi, Dec 15: A bill to replace the Medical Council of India (MCI) with a national medical commission was cleared by the Union Cabinet on Friday, Law and Justice Minister Ravi Shankar Prasad said.

“The MCI will be replaced, and a National Medical Commission bill has been brought. This is to correct the whole medical ecosystem,” he said.

The MCI is a statutory body for establishing uniform and high standards of medical education in India. The bill seeks to replace the MCI with a new Commission.

According to government sources, the National Medical Commission Bill envisages a four-tier structure for the regulation of medical education, with a 20-member National Medical Commission at the top.

IANS

Continue Reading
Advertisement

Most Popular