RBI admits growth slowdown places forecast lower at 69

first_imgMumbai: With the headwinds to growth rising from all around, Reserve Bank governor Shaktikanta Das Wednesday admitted the economy is in a slowdown mode, but termed it as cyclical and not structural one, and exuded confidence growth will pick up the momentum fast.The admission of the rising headwinds to growth led the monetary authority to slash the lending rates by an unprecedented 35 bps to 5.40 percent in the fourth successive rate reductions since he assumed power in December. Also Read – Thermal coal import may surpass 200 MT this fiscalNone of the macro-indicators have been promising since the past many months-plunging auto sales which hit a 20-year low in July, plummeting IIP growth which hit a 57-month low in June, falling exports and the continuing bloodbath in the markets, coupled with trade wars and increasing challenges to global economy all point to the gathering clouds. The statement also comes amid many key personalities, including engineering giant Larsen & Toubro chairman AM Naik expressing concerns on the growth front. “Our understanding is that at this point, it is perhaps a cyclical slowdown, not really a deep structural one. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostNonetheless, we have to recognise that there is room for certain structural reforms to be undertaken,” Das told reporters at the customary post-policy presser. He, however, exuded confidence that growth numbers will move up faster going ahead driven by the measures being taken by the government and the central bank, and partly due to the base effect. Based on his interactions, Das said the government is planning more measures to revive growth, and also pointed out to finance minister Nirmala Sitharaman’s statements on sector-specific booster doses on the anvil. Attributing the slowdown to both demand as well as investment slowdown, Das said, “both demand and investment put together are having a dampening effect on growth.” The RBI itself has reduced its growth estimate downwards to 6.9 percent for FY20 from 7 percent it had projected in the June policy. At present, Das said both urban and rural demand has been hit which is evident in the slowdown in sales of two- wheelers and tractors in rural areas and passenger cars in cities. However, he said RBI is hopeful of a revival and pointed out to the estimate of the growth number hitting 7.5 percent in the last quarter of the fiscal.last_img read more

Derek Traynors young side finished second in the

first_imgDerek Traynor’s young side finished second in the Academy Championship following a stellar season.Now they take on the Rhinos (7.30pm) as they seek their third Grand Final appearance in four seasons.Entry on the night is Adult £5 and Junior £2 whilst 2018 Members can go free.The Teams:Saints: 1. Tom Nisbet; 2. Kevin Brown, 3. Cameron Brown, 4. Josh Simm, 5. John Hutchings; 6. Jack Welsby, 7. Jake Wingfield; 8. Alex Eckley (c), 9. Paul Nash, 10. Callum Hazzard, 11. Chris Follin, 12. Sam Royle, 13. Joe Sharratt. Subs: 14. Ryan Horne, 15. Matthew Foster, 16. Kye Siyani, 17. Christian Kellett.Leeds:  1. Liam Whitton; 2. Ben Markland, 3. Jack Broadbent, 4. Harry Newman, 5. Kiedan Hartley; 6. Harvey Spence, 7. Reece Chapman-Smith; 8. Mikolaj Oledzski, 9. Corey Johnson, 10. Spencer Darley, 11. Alex Sutcliffe, 12. Owen Trout, 13. Loui McConnell. Subs: 14. Harvey Whiteley, 15. Muizz Mustapha, 16. Tom Holroyd, 17. Tyler Dupree.last_img read more