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AN UN-ISLAMIC KIDNAPPING AND CHAOS IN THE VALLEY

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How Pak's terror policy evolved in Kashmir

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Operation Sindoor: When Indian missiles rained on Pak terror parade

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<p>Shaktikanta Das assumed office as the 25th governor of the Reserve Bank of India (RBI) at a time the central bank was the cynosure of all eyes, albeit for the wrong reasons. The previous governor, Urjit Patel, had locked horns with the central government on a host of issues, most importantly that of the RBI's autonomy. With Patel's acrimonious exit in December 2018, Das had his work cut out. Not only did he have to quickly mend the RBI's relations with the Centre, he also had to do whatever possible to bring the tottering Indian economy back from the brink. The former task wasn't as tough as the latter-after all, as secretary in the department of economic affairs, Das had shadowed his then boss, former finance minister Arun Jaitley, in public appearances to explain and justify demonetisation. But rescuing the Indian economy has proved a more formidable challenge. Growth was suffering, and the impact of demonetisation and a poorly implemented Goods and Services Tax (GST) were visibly taking their toll. It surprised no one, then, that the RBI's monetary policy committee (MPC) went on to repeatedly cut interest rates in consecutive meetings through 2019, slashing rates by a total of 135 basis points by early December. But these moves have not helped much. A slowdown in consumption, among other factors, pulled GDP growth down to a six-year low of 4.5 per cent for the second quarter of 2019-20. Now, Das has a new challenge before him, in the form of rising inflation. Retail inflation rose to an over three-year high of 5.5 per cent in November 2019, triggered by a rise in food prices, especially onions. The MPC maintained status quo on rates in its meeting early December, and if it chooses to do so again, it could affect growth. Das also came to the government's aid this year, transferring Rs 1.76 lakh crore to the latter as per the recommendations of a panel led by former RBI governor Bimal Jalan, including a Rs 1.23 lakh crore surplus for 2018-19. To improve lending, Das has also moved to take a few public sector banks out of the prompt corrective action framework. However, he will have to continue battling the vast volume of non-performing assets at public sector banks (around Rs 8 lakh crore as on March 2019) while restoring the ailing non-banking financial companies back to health.</p><div class="itgimage"><div class="itgimage"><amp-img src="https://akm-img-a-in.tosshub.com/indiatoday/images/bodyeditor/201912/NM-Others-Jan6-3_770x433__2_-x433.jpg?Ya9fHdjVmwfAYIEbaZgl1vMb0HniItiF?size=750:*?size=750:*" alt="" height="433" width="770" class="" layout="responsive"></amp-img></div>
<div class="body_caption"> </div>
</div><div id="tab-link-wrapper-plugin"><div class="authors__container"><div class="authors__by"><div class="authlable">Published By: </div><div class="authdetaisl">Shreya Sinha</div></div><div class="published__on"><div class="authlable">Published On: </div><div class="authdetaisl">Dec 27, 2019 18:15 IST</div></div></div><div class="sendros">--- ENDS ---</div></div>

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Cover Story

<p>Shaktikanta Das assumed office as the 25th governor of the Reserve Bank of India (RBI) at a time the central bank was the cynosure of all eyes, albeit for the wrong reasons. The previous governor, Urjit Patel, had locked horns with the central government on a host of issues, most importantly that of the RBI's autonomy. With Patel's acrimonious exit in December 2018, Das had his work cut out. Not only did he have to quickly mend the RBI's relations with the Centre, he also had to do whatever possible to bring the tottering Indian economy back from the brink. The former task wasn't as tough as the latter-after all, as secretary in the department of economic affairs, Das had shadowed his then boss, former finance minister Arun Jaitley, in public appearances to explain and justify demonetisation. But rescuing the Indian economy has proved a more formidable challenge. Growth was suffering, and the impact of demonetisation and a poorly implemented Goods and Services Tax (GST) were visibly taking their toll. It surprised no one, then, that the RBI's monetary policy committee (MPC) went on to repeatedly cut interest rates in consecutive meetings through 2019, slashing rates by a total of 135 basis points by early December. But these moves have not helped much. A slowdown in consumption, among other factors, pulled GDP growth down to a six-year low of 4.5 per cent for the second quarter of 2019-20. Now, Das has a new challenge before him, in the form of rising inflation. Retail inflation rose to an over three-year high of 5.5 per cent in November 2019, triggered by a rise in food prices, especially onions. The MPC maintained status quo on rates in its meeting early December, and if it chooses to do so again, it could affect growth. Das also came to the government's aid this year, transferring Rs 1.76 lakh crore to the latter as per the recommendations of a panel led by former RBI governor Bimal Jalan, including a Rs 1.23 lakh crore surplus for 2018-19. To improve lending, Das has also moved to take a few public sector banks out of the prompt corrective action framework. However, he will have to continue battling the vast volume of non-performing assets at public sector banks (around Rs 8 lakh crore as on March 2019) while restoring the ailing non-banking financial companies back to health.</p><div class="itgimage"><div class="itgimage"><img  height="433"  title=""  width="770"  class="" alt="" src="https://akm-img-a-in.tosshub.com/indiatoday/images/bodyeditor/201912/NM-Others-Jan6-3_770x433__2_-x433.jpg?Ya9fHdjVmwfAYIEbaZgl1vMb0HniItiF?size=750:*" loading="lazy" /></div>
<div class="body_caption"> </div>
</div><div id="tab-link-wrapper-plugin"><div class="authors__container"><div class="authors__by"><div class="authlable">Published By: </div><div class="authdetaisl">Shreya Sinha</div></div><div class="published__on"><div class="authlable">Published On: </div><div class="authdetaisl">Dec 27, 2019 18:15 IST</div></div></div><div class="sendros">--- ENDS ---</div></div>

The RBI head has easily mended Centre-RBI ties. Fixing the economy is proving more difficult.

India Today

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Kartik belongs to the generation that has rallied behind actor-turned-politician Vijay and his party, Tamilaga Vettri Kazhagam (TVK). His father, meanwhile, remains deeply loyal to the Dravida Munnetra Kazhagam (DMK) and the Dravidian movement.

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Following the relocation of the ICC meetings to Ahmedabad, PCB Chairman Mohsin Naqvi’s travel to India remains highly uncertain despite reports claiming he has been invited to the IPL 2026 final.

Mohsin Naqvi

ICC meeting in Ahmedabad during IPL final. Will Pak chief Mohsin Naqvi attend?

A satellite-tagged Amur Falcon named Alang is currently crossing the Arabian Sea non-stop from Somalia to India's west coast. Scientists are tracking her 3,000-kilometre journey in real time as part of a decade-long conservation effort in Manipur.

Amur falcons Alang (left) and Apapang (right) in Tamenglong, Manipur. These tiny birds travel up to 29,000 kilometres every year between Siberia and southern Africa. (Photo: X/@supriyasahuIAS)

How tiny Amur falcon Alang is flying 6,000 km non-stop over Arabian Sea

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The Madhya Pradesh High Court declared the disputed Bhojshala complex in Dhar as a Hindu temple dedicated to Goddess Saraswati and a historical center of Sanskrit learning.

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Firefighter No. 1

The RBI head has easily mended Centre-RBI ties. Fixing the economy is proving more difficult.

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