|Rate cuts by RBI should not be seen as goodies: Rajan|
Reserve bank of India governor Raghuram Rajan today said that rate cuts by the apex bank should not be seen as goodies. Speaking at a banking summit in Mumbai today, Rajan made it clear that rate cuts are a natural consequence (of low inflation) that RBI has no hesitancy in delivering. He added that it's low inflation that will decide future rate cuts. Blaming leading central banks' booster doses as the main reason behind the turmoil in global markets, Rajan said RBI is ready to deploy forex reserves to stem the market volatility amid the bloodbath.
He however, warned against the consequences of a monetary boosterish. Explaining his position further on inflation management, Rajan said the only way to tackle the problem of price rise is to get inflation of all kinds down as so long as the divergence between inflation in traded goods and non-traded services is large.
Tuesday, August 25, 2015
|BJP heading to majority in BBMP council polls|
In Karnataka, as the counting is in progress in the recently concluded elections to the Bruhat Bengaluru Mahanagara Palike (BBMP) council the BJP wins 32 and is heading to a majority. Congress candidates have been declared elected in 26 seats and JD(S) candidates in five seats. Others won 7 seats. Counting is being held amidst tight security in 27 centres spread across the city. A total of 1,121 candidates, were in the fray for 198 seats. One BJP candidate was elected unopposed.
It was a three cornered contest between the BJP, Congress and the JD(S). The elections were held on August 22 for 197 seats with 49.3 per cent of the over 7.33 million voters exercising their franchise. The BJP is ruling the council for the last five years. While Congress and BJP have contested all the seats, JD(S) fielded its candidates in 134 Wards.
Though the turnout at the booths was not that satisfactory from the voters of Silicon city of India it was better than last election held in 2011 when it was about 44 per cent. Nearly 50 per cent of the newly elected Councillors would be women since for the first time the reservation for women were introduced in the BBMP election.
Chief Minister Siddaramaiah has stated that the outcome of BBMP election may not be a referrendom on performance of his government since it came to power in May 2013. However, the result will have its own impact as opposition parties are waiting to take to task the ruling Congress on various issues.
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