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Focus now on monetary policy panel's first meet on repo rate, CRR

This will be the first meeting (February 4-6) of the MPC chaired by new Reserve Bank of India (RBI) governor Shaktikanta Das

IANS  |  New Delhi 

After the massive giveaways to farmers and major tax to the middle class in the interim Budget, all eyes are on the first meeting of Committee to see if there will be any downward revision of the repo rate and CRR to ease pressure on banks.

This will be the first meeting (February 4-6) of the MPC chaired by new (RBI)

The government has gone for the popular measures in an election year to win over distressed sections of the society, but the move will have to be synchronized with the necessary balancing.

"This is a largely populist Budget as it attempts to address apprehensions on expected revenue shortfall, especially the GST collection which has not met expected targets. The government has thus resorted to traversing the path of electoral populism over fiscal discipline," said Mahesh Singh, founder and of

minister said in his Budget speech that the government had controlled the double-digit inflation and kept it under check at 4.6 per cent.

The RBI has also revised the to 2.7 to 3.2 per cent for the second half of the current fiscal in anticipation of normal monsoon moderating

The industry leaders have given thumbs-up to the Budget.

Harsh Pati Singhania, director JK Organisation, said the Budget was presented in the backdrop of the two major issues: agrarian distress and demand slowdown, and the Budget has tried to address both.

"Around 20 crore families have been directly addressed in this Budget, which no doubt should provide a consumption boost to the What is laudable is that the higher sops and outlays were provided without additional levies on corporate and high income earners, and without any significant breach on the fiscal front," he said.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, February 01 2019. 18:46 IST
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