There were several development in the country on several front today. Hitting out at his predecessor Manmohan Singh, Prime Minister Narendra said in Rajya Sabha that the former knows the art of going to the bathroom with a raincoat on, which led to the walkout of the Congress party. The RBI has also kept the key repo rate unchanged in the first monetary policy review of 2017 and after Budget 2017.
Live Blog and update: PM Narendra Modi’s dig at his predecessor Manmohan Singh
Prime Minister Narendra Modi addressed the Rajya Sabha on Wednesday replying to debate on motion of thanks to President’s address in Rajya Sabha. During his speech, he took a dig at former Prime Minister Manmohan Singh and said that the art of using a raincoat while taking a bath should be learnt from him. PM Modi addressed the Rajya Sabha as a reply to the debate on the motion of thanks to the President’s address. He said that it was high time that leaders appreciated the abilities of the people of India and take it to newer avenues. The congress walked out in protest against his comments on Manmohan Singh.
Speaking to reporters, P Chidambaram said it is unbecoming of a PM to use such language for a former PM.
Subramanian Swamy says Tamil Nadu Governor must go to Chennai to swear-in Sasikala
With confusion continues in the politics in Tamil Nadu, BJP leader Subramanian Swamy had said that the governor should reach Tamil Nadu and administer oath of office to Jayalalithaa. Yesterday, Chief Minister O Pannerslvam had said he would take back his resignation if people of the state want, prompting huge political tussle in the state, with AIADMK sacking him as its treasurer, and the CM deciding to go for confidence motion in state Assembly.
RBI keeps repo rate unchanged at 6.25 per cent
RBI governor Urjit Patel-led Monetary Policy Committee (MPC) kept the key repo rate unchanged in the first monetary policy review of 2017 and after Budget 2017. In a surprise move, the RBI had kept the repo rate unchanged in the fifth bi-monthly monetary policy statement for 2016-17 on December 7, while it had cut the repo rate by 25 bps in the October 4 policy review in 2016, which was the first rate cut by Patel as the Governor. What is particularly notable is that the Central government’s aggregate expenditure growth is going to moderate sharply to 6-7% YoY in FY18 compared to 12-14% in the past 2-3 years. Additionally, the fiscal math presented in the Budget is quite credible, which should also be comforting for RBI. As regards growth, the economy is certainly stabilising after the demonetisation shock, but still aggregate demand remains weak with private capex particularly anemic.