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<ul><li>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> will conclude the three-day <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (<keyword id="19918491" type="General" weightage="20" keywordseo="MPC" source="keywords">MPC</keyword>) meeting today.</li><li>The central bank is expected to announce its decision on policy rates.</li><li>The <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> has maintained the <keyword id="20094323" type="General" weightage="100" keywordseo="repo-rate" source="keywords">repo rate</keyword> at 6.50% for the past nine meetings.</li></ul>The Reserve Bank of India (RBI) is set to conclude the three-day Monetary Policy Committee (MPC) meeting today, with Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> expected to announce the central bank's decision on policy rates. The meeting, which <a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-meeting-begins-today-announcement-on-october-9/articleshow/113999887.cms">began</a> on October 7, has garnered significant attention, as the RBI has maintained the repo rate at 6.50% for the past nine meetings. The repo rate has remained steady since the RBI adopted a cautious stance to balance inflation control and <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. Key factors that the MPC is weighing include persistent inflationary pressures, particularly in food prices, as well as global economic uncertainties. According to data from the Ministry of Statistics &amp; Programme Implementation, while All India Consumer Price Index (CPI) inflation moderated to 3.65% in August--within the RBI's target band of 2-6%. <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">Food inflation</keyword> remains elevated at 5.65%, above the central bank's medium-term target of 4%. This, coupled with rising global crude oil prices due to geopolitical tensions in West Asia, has intensified concerns over inflation. Despite these challenges, the RBI has so far opted for a status quo on the repo rate, aiming to foster economic recovery after the pandemic. However, today's announcement will be closely watched to see if the central bank shifts its stance, especially given the external pressures and uncertainties surrounding global markets. Economists, however, have noted that the RBI will not make any changes in its policy stance before December. "With the focus on taming headline inflation, the RBI is likely to hold the rates although the core inflation is within the limit. It is possible the RBI may shift to the neutral stand" said M Govind Rao, Member, of the Fourteenth Finance Commission and former Director, of the National Institute of Public Finance and Policy. On September 18, the US Federal Reserve announced a steep 50 basis points interest cut in its review meeting. US Fed announced the rate cuts after holding interest rates steady for eight straight meetings. "In this overarching macroeconomic setting of heightened geopolitical tensions, core inflation inching upwards, oil price volatility, and high food inflation, we anticipate a change in the RBI's policy stance from "withdrawal of accommodation" to "neutral" at its forthcoming MPC meeting on October 9, 2024. However, we do not see any rate action coming and the benchmark interest rates may not undergo any change" said Manoranjan Sharma, Chief Economist, Infomerics Ratings. Earlier this month the central government appointed three new members to the monetary policy committee. The MPC comprises three members from the RBI and three external members appointed by the Central Government. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

RBI MPC announcement today: Rates unlikely to change, RBI may change stance to neutral

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

<ul class="summary-list"><li>The CEO of European ride-hailing app Bolt is <a target="_blank" class="" href="https://www.businessinsider.com/companies-requiring-return-to-office-rto-mandate">mandating workers return to the office</a> 12 days a month.</li><li>In a memo, Markus Villig called it a "disgrace" that fewer than half of staff went in more than 2 days a week.</li></ul>The CEO of European mobility app Bolt didn't mince words earlier this month when <a target="_blank" class="" href="https://www.businessinsider.com/remote-workers-need-pay-raise-return-to-office-survey-2024-10">calling workers back to the office</a>.Bolt is an Uber competitor that offers services including ride-hailing, food and grocery delivery, and e-scooter rentals in its app. Starting in January, Bolt will require all of its employees to work from the office at least 12 days a month, or roughly 3 a week, the company confirmed to Business Insider.CEO Markus Villig wrote in a memo to staff that the company had "seen too much complacency" in where employees work in recent years and that they had a choice to either "restart our ambitious culture to compete in the highest league" or "fall into mediocrity.""We are too scattered, people feel disconnected, attrition is too high, and our offices lie empty," Villig wrote. "I find it a disgrace to our culture that less than 50% of employees come to the office +2 days per week."He referenced tech industry giants like Amazon, Tesla, and Apple, which have implemented varying forms of return-to-office mandates.Amazon recently announced <a target="_blank" class="" href="https://www.businessinsider.com/amazon-rto-faq-document-spells-out-new-rule-2024-9">corporate employees will have to work in the office 5 days a week</a> starting in January. Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/tesla-wfh">Elon Musk has called remote work "morally wrong."</a> Apple's <a target="_blank" class="" href="https://www.businessinsider.com/apple-still-trying-hybrid-rto-work-program-schedule-no-answers-2023-9">hybrid pilot program</a> requires employees to work from the office three days a week.Bolt's CEO also criticized the idea of people working remotely from vacation destinations."We will stop the insanity of people working remotely from places like Bali," he said. "That is a vacation not what we hired them to do."A Bolt spokesperson confirmed the memo was sent to employees."We believe that in-person collaboration drives innovation and performance, and our existing policy advises employees to work from a Bolt office for 2-3 days a week," a Bolt spokesperson said. "Starting from 1 January, this policy will be formalised with employees being asked to work from a Bolt office 12 days per month. We continue to listen to our colleagues and remain committed to fostering a culture that values engagement and innovation, while empowering people to work flexibly and effectively."In his memo, Villig said the company saw five benefits from in-person work: Raising the performance bar, improved collaboration, better relationships between team members and other teams at the company, better information flow and idea generation, and improved mental well-being.Bolt is based in Tallinn, Estonia, and operates in more than 45 countries. In 2022, Bolt said it'd raised 628 million euros in a round of funding led by Sequoia Capital and Fidelity Management, with the investment valuing Bolt at 7.4 billion euros.The company is <a target="_blank" class="" href="https://www.reuters.com/technology/uber-rival-bolt-seeks-turn-profitable-next-year-ipo-2025-2023-05-08/#:~:text=Bolt%2C%20run%20by%2029%2Dyear,market%20conditions%20at%20that%20time.">reportedly eyeing an IPO</a> in 2025.<h2 id="e4a334f8-f346-42d3-b975-f21d50b08845">Read Bolt CEO's full memo to staff:</h2>Following up from the All-hands on Tuesday I'll explain my thinking about the new Return to Office &amp; Location policy and your role as a manager in supporting this transition.The summary is that I deeply believe that we work better in person, not remotely.The longer version is that we have a choice to make as a company. Either we restart our ambitious culture to compete in the highest league or we fall into mediocrity. Even the largest companies from Amazon to Tesla to Apple realise that in order to stay at the top they have to retain an intense culture and have got people back to office 3-5 days a week. We are a tiny company in comparison and to ever reach that scale we have to work harder and innovate more than them.We have seen too much complacency in the last few years on how we recruit, where people live and when and where people work. We are too scattered, people feel disconnected, attrition is too high, and our offices lie empty. I find it a disgrace to our culture that less than 50% of employees come to the office +2 days per week.We will return to being a high performance organisation from 1st of January:Mandatory 12 days a month in office for all employees.Min 2 days a week. Team leaders have the authority to do more – many sales teams do 5 already.We have invested millions into having fantastic offices already, but in sites with lack of space we will set designated days per team to divide nicely.Relative to the top tech companies we believe this is generous and allows plenty of flexibility to employees.We will stop the insanity of people working remotely from places like Bali. That is a vacation not what we hired them to do.Reducing the number of sites to 2 for global roles.By default every department will have 2 hubs – Tallinn first and by default London secondary.Some large departments like tech retain more. If you have questions, ask your department head.In order for people to get the most value of being in office their team needs to be there. Some departments have scattered teams and we will consolidate that.To be clear this refers to global roles, not local or regional.There are 5 benefits to working in person:Raise the performance bar. We see a strong correlation between office attendance vs performance and engagement.Improve collaboration. Having meetings in person is more effective than video calls.Improve relationships in and between teams. Interacting with people in person is better for solving conflict and building positive relations. Video calls are transactional, while having coffee or lunch together is infinitely better for relationship building.Better information flow and idea generation. Having informal chats in the office is impossible to replicate remotely.Improve mental wellbeing. Having positive in person interactions is a huge benefit for stress.As managers I ask you to help me with this:Sell this message to your teams.Lead by example by being present in the office more often starting from next week.Create an environment where your teams want to come into the office. It should be engaging and fun to work in person, not a chore.Monitor and manage poor attendance. We are absolutely fine if some people decide this is not for them, as the cultural impact far outweighs it.The culture at Bolt is unique and we need to work every day to retain it. I cannot do that alone – we all have to take accountability for making this a fantastic place to work, where people come to do the best work of their lives.@nick.walker and his team is preparing the FAQ and other details to be shared to you on Monday and we plan the internal comms after that. Go badgers!

Bolt CEO changes RTO policy to 'stop the insanity of people working remotely from places like Bali.' Read the memo.

X (formerly Twitter) is experiencing its largest user exodus since <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> took over in 2022. The tipping point is a perfect storm of political controversy, privacy fears, and discontent with the platform’s new policies, culminating in a dramatic shift of users to alternative platforms like <keyword id="412371" type="General" weightage="100" keywordseo="bluesky" source="Orion">Bluesky</keyword> and <keyword id="1163500" type="General" weightage="20" keywordseo="threads" source="Orion">Threads</keyword>. Here’s a breakdown of the recent changes and why they’ve left users saying goodbye to X. <h2>Political backlash</h2>The day after the U.S. presidential election on November 6, X saw over 115,000 account deactivations — the most since Musk's acquisition. Many users were disillusioned by Musk's perceived alignment with newly elected President Donald Trump. Musk's vocal support for Trump during his campaign, coupled with his attendance at Republican rallies, alienated users who once trusted X as a politically neutral platform. One user, Kara Wurtz, said the election was the “final straw.” After eight years on the platform, the finance director from St. Louis decided that X was no longer delivering the content she valued. “Every time I opened it, it would throw things at me that put me in a bad mood,” she said. The political fallout didn’t just affect individuals. Prominent organisations and brands, including The Guardian and former CNN anchor Don Lemon, have also bid farewell to the platform. <h2>New terms of service spark outrage</h2>On November 15, X's updated terms of service came into effect, granting the platform a sweeping global licence to use user-generated content. This includes using posts, photos, and creative works to train artificial intelligence (AI) and machine learning (ML) models. The backlash was immediate: <ul><li>Privacy Concerns: By continuing to use X, users implicitly agree to have their data — personal photos, creative work, and more — used for AI training. Artists and creators fear their intellectual property could be exploited to develop AI tools that might one day replace human creativity.</li><li>Legal Implications: Disputes over the new terms will be handled in the U.S. District Court for the Northern District of Texas, home to Judge Reed O'Connor, a Tesla investor. This has raised questions about potential bias in legal proceedings related to the platform.</li></ul>Alex Fink, CEO of the AI-powered platform Otherweb, criticised X’s lack of transparency, stating, “Unlike other platforms with vague licensing terms, X removes any ambiguity about its intentions.” <h2>Changes to blocking and safety settings</h2>Safety concerns have also escalated due to alterations in X’s block feature. Users now allegedly receive notifications that even those they block can still view their posts — though they can’t interact. This tweak is particularly alarming for users who have faced harassment on the platform. Many feel their safety is compromised, prompting them to seek refuge in safer alternatives like Bluesky, which saw a surge of 500,000 new users in just one day following the policy updates. Initially developed by former Twitter CEO Jack Dorsey, Bluesky offers customizable feeds and decentralised control, which many find refreshing. With over 16 million users (and counting), it’s quickly becoming the top choice for X refugees. Threads, Instagram’s text-based app, also surpassed 275 million monthly active users by November, with 15 million new sign-ups last month alone. For many, these platforms represent a chance to escape X’s chaos while reclaiming control over their online experience. <h2>Is Fediverse the future?</h2>Experts believe the exodus from X could mark the beginning of a new era of decentralised social networks. Bluesky, built on a protocol that enables interconnected platforms, is part of the "Fediverse," which could allow users to interact seamlessly across different apps. This shift reflects growing dissatisfaction with centralised platforms that control user data, content visibility, and privacy settings. While Musk touts record-breaking engagement on X, the cracks in the platform’s foundation are evident. Critics warn that X could become a training ground for Musk’s xAI venture, leveraging user interactions to fuel lucrative AI models. Whether X can weather this storm remains uncertain, but one thing is clear: the days of Twitter’s broad appeal as a space for open, inclusive dialogue seem to be fading fast.

Mass X-odus: What are the controversial changes on X that are driving users away?

India could see a shift in foreign direct investment (FDI) trends in the second term of Donald Trump (Trump 2.0) as President of the United States, says a research report by the State Bank of India. The report highlighted that under his first term, Trump 1.0, the Trump administration made sweeping regulatory changes aimed at attracting investments back to the U.S., which impacted FDI inflows globally, including India. It added that if similar policies are reintroduced in Trump 2.0 also, it could create challenges for emerging markets like India, which rely on FDI as a significant driver of economic growth. Notably, a recent Kotak report highlighted that a complete Republican control over all arms of the US government would mean increased US earnings via corporate tax cuts, higher tariffs on imports into the US and greater US fiscal deficits. The first two could spell doom for emerging markets like India and China, since foreign investors will make a beeline for investing more money in the US markets, which will come at the cost of intense selloff in emerging markets. However, higher fiscal deficits will eventually lead to the dollar weakening after the initial euphoria dies down. "India may see shifts in foreign direct investments (FDIs) during Trump 2.0. The Trump 1.0 administration saw significant regulatory changes aimed at attracting investments back to the US," the SBI report stated. However, given that India has been gradually diversifying its sources of FDI (foreign direct investments), this trend could serve as a buffer against any potential decline. Moreover, domestic institutional investors have been stepping up big time, maintaining some balance to the massive exodus of FIIs over the past month. So far in November 2024, FIIs have withdrawn Rs 19,849 crores from the cash segment in Indian markets, while DIIs have poured in Rs 14,014.18 crores as of November 10th, 2024. "India is no longer dependent on the traditional sources of FDI inflows... unlike the recent past, FDI is now coming in many new sectors," noted the SBI report. Unlike a decade ago, when most FDI inflows came from a limited number of traditional sectors, India is now attracting investment in a wide array of industries, including renewable energy, sea transport, medical devices, and surgical appliances. Data suggests over the last 24 years, i.e., between April 2000 and June 2024, FDIs have poured in $1,013.4 billion in the Indian economy. Out of this, 67%, i.e., $689.88 billion, has come in just the last 10 years. The report added there are up to 12 emerging sectors showing strong FDI interest, which could help offset any loss of inflows in conventional sectors if there is a shift in global investment patterns under another Trump administration. In the last financial year, the top 5 sectors that have received the highest quantum of FDI inflow include the services sector (finance, banking, insurance, and business) which makes up about 16% of the inflows. This is followed computer software &amp; hardware, which constitute around 15% of total FDI flows. Trading and telecommunications follows with a share of 6% each, and Automobile Industry comes next with a 5% share. In the short term, the potential for increased U.S. tariffs, more restrictive H-1B visa policies, and a stronger dollar could bring some volatility to India's trade and investment landscape. However, in the long term, these challenges might also encourage India to expand its manufacturing capabilities, diversify export markets, and focus on becoming economically more self-reliant. Notably, India has maintained a merchandise trade surplus with the U.S. despite tariffs imposed during Trump's first term. This indicates that Indian exports have remained resilient, and there is potential to strengthen this trade relationship further by capitalizing on emerging sectors and reducing dependency on traditional industries. Suman Chowdhury, Executive Director &amp; Chief Economist, Acuité Ratings &amp; Research Limited cautions that in the medium to long term, the trade relationship with the US may see a structural improvement. "Higher tariff and trade restrictions in the US with China should translate into better opportunities for exports of manufactured goods from India", he adds.

FDIs may shift to US under Trump 2.0 but it is unlikely to severely impact FDIs inflow to India, says SBI Report

Economists at the country's largest lender, SBI, today said they see India's Q2 real GDP growth slowing down further to 6.5% in the September quarter of this fiscal year. Amid concerns over the country's economic growth rate and whether it is slowing down, the analysts said they expect FY25 growth to come "closer to" 7%. SBI analysts join a long line of agencies like Fitch, ADB, IMF, Moody, World Bank, S&amp;P, and even RBI in forecasting India's GDP growth for FY25 in the range of 6.8% to 7.2% for FY25, driven by robust consumption and investment. SIP inflows have been at an all-time high, and so has QIP (qualified institutional placement) fundraising. As many as 71 companies raised Rs 88,678 crore this year through QIPs. Activity in Indian primary markets also remained robust, with 78 mainboard IPOs in 2024; this is a 111% rise from just 38 listings in FY23. Between April and June 2024, India's real GDP grew by 6.7%, the lowest growth seen in 15 quarters, pushing experts to believe that India is caught in a cycle of slowdown. "There is some incipient pressure evident on the domestic economy. Based on our analysis of 50 meaningful leading indicators (both consumption and demand-centric), a dip looks plausible across select cohorts of agriculture, industry, and services in Q2," the <keyword id="22337294" type="General" weightage="20" keywordseo="SBI-economists" source="keywords">SBI economists</keyword> added. Stating that they track 50 indicators to gauge economic activity, SBIs note said the proportion of indicators showing acceleration declined to 69% in Q2 FY25, as against 80% in Q2 FY24 and 78% in Q1 FY25. However, things might be changing now, given that rural demand has started looking up amidst muted urban demand. SBI also explained that the ongoing regulatory tightening on unsecured lending and roadblocks that are hindering rollover/refinancing of debt through unsecured credit are dismantling the unwarranted exuberance that had built up post-pandemic, especially in the urban areas. Madhu Lunawat, CIO &amp; Fund Manager, Bharat Value Fund states that the overall investment environment remains strong due to favorable economic conditions supporting government policies &amp; reforms. "The sustainable inflow from domestic investors is going to support the Indian equity market in any kind of correction. The long-term bullish structure of Indian economy will continue to attract new domestic &amp; global investors to participate in India’s growth story through various Investment avenues.” <h2>Rate cuts not on cards</h2>RBI Governor Shaktikanta Das clarified today that changing the monetary policy stance to 'neutral' does not mean a rate cut is imminent in the central bank's next policy announcement. Notably, RBI MPC is set to meet between December 4 and 6, 2024, to decide if the prevailing repo rate of 6.5%, which has stayed unchanged for the last 2 years, should be brought down or not. In its last meeting, The <keyword id="20501100" type="General" weightage="20" keywordseo="RBI-monetary-policy" source="keywords">RBI monetary policy</keyword> committee had shifted its stance to 'neutral' indicating that it is open to adjusting interest rates based on economic conditions. "It should not be assumed that we have done this, so therefore the next step is a rate cut. A change in stance doesn't mean that the next step is a rate cut in the very next meeting. It's not so," Das said. Das also cautioned that inflation remains a key factor, and inflation and CPI prints for October are expected to stay high.

SBI economists see Q2 GDP growth slowing down to 6.5%; FY25 growth to be closer to 7%

The Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) has started its three-day monetary policy committee (MPC) meeting in Mumbai on Tuesday. The meeting will conclude on Thursday, when the RBI will announce its decisions on the <keyword id="20094323" type="General" weightage="100" keywordseo="repo-rate" source="keywords">repo rate</keyword> and other matters. The repo rate, which has been maintained at 6.5 per cent since it was last increased in February 2023, is widely expected by experts to remain unchanged for the ninth consecutive bi-monthly policy review. Experts highlight that <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> in India remains above the RBI's target range, making it unlikely that the central bank will implement policy cuts until inflation reaches the target of 4 per cent. However, the expert added that the RBI may consider rate cuts in the October meeting. Banking expert Ashutosh Khajuria commented: "Monetary Policy Committee (MPC) may continue to hold the policy signalling Repo rate and wait for <keyword id="19979707" type="General" weightage="20" keywordseo="Consumer-Price-Inflation" source="keywords">Consumer Price Inflation</keyword> to decisively fall below 4 per cent, the target rate. For the present, the continuation of the current stance is widely expected. MPC in India may change the stance and rate action by the beginning of the second half of the year in their October meeting at the earliest." The experts also noted that while <keyword id="20196112" type="General" weightage="20" keywordseo="core-inflation" source="keywords">core inflation</keyword> has been contained and commodity prices, particularly metals, have dropped by 15-20 per cent from their 2024 peak, food inflation remains a concern and needs to be closely monitored to ensure stability in overall CPI numbers. The Managing Director of a major bank, who preferred not to be named, told ANI: "During the last policy meeting we could see some voting in favour of a <keyword id="19920203" type="General" weightage="20" keywordseo="rate-cut" source="keywords">rate cut</keyword>. At the same time, we could see The Reserve Bank of India's (RBI) Governor Shaktikanta Das on July 11 said it is too early to talk on the interest rate cut due to the uncertain economic environment and inflation remaining close to five per cent. Considering both, our expectation is that the rate cut cycle may start from the next meeting and no change in <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> this time." RBI Governor Shaktikanta Das had also emphasised in the last policy briefing that food inflation is still a concern and that the regulator is not in a hurry to make a decision on rate cuts. A recent report by the State Bank of India (SBI) also noted that Consumer Price Inflation in India is expected to remain around 5 per cent for the financial year 2024-25, except for the months of September and October.

Repo rate cut unlikely in ongoing MPC meeting, but RBI may change it during October policy review: Experts

<ul class="summary-list"><li>Googlers have been using an internal message board to vent about the election.</li><li>There's just one problem: they aren't allowed to make political posts, so they're being creative.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/google-workspace-chief-stepping-down-leaked-memo-2024-11">Google</a> employees are, as ever, meme-ing through it.As the <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">2024 US election</a> unfolded, Googlers have taken to the company's internal message board — <a target="_blank" class="" href="https://www.businessinsider.com/google-io-memes-layoffs-phones-duck-lip-mascot-2023-5">a meme generator named Memegen</a> — to express their feelings.There's just one problem: Google leaders have cracked down on employees making political posts, so staff have been poking fun at the inability to express their views on the election, according to several of the posts seen by Business Insider.One of the top Memegen posts on Wednesday was a picture of a fake newspaper named "The Memegen," with the headline, "Nothing Happened. For the first time in history nothing happened for a whole day."Another read: "It's not a permitted personal political opinion at the workplace unless it comes from the C-suite region of the org chart."Another popular meme showed a scene from Disney's "Raya and the Last Dragon," with the dragon Sisu telling Raya to "Bring your whole self to work." In the meme, Raya asked, "Even my political opinions?" to which Sisu responded, "Not that part."Two former Googlers built Memegen in 2010 as a way for employees to vent about work, life, and even their C-suite. While home to often silly creations, it has long acted as something of a town square for Google's workforce and an effective way to read the temperature of its over 180,000 employees.Earlier this year, after employees used Memegen to share their thoughts on the war in Gaza, Google barred staff from making political posts, several employees told BI. A message on Memegen now reads, "Memegen isn't a place for personal political opinions or statements," according to a picture seen by BI.A Google spokesperson said that the company made and tested these changes in response to employees requesting to make adjustments to its moderation practices and that Googlers have said political topics were distracting.Leaders have been reckoning with an increasingly outspoken workforce in recent years while fending off perceptions it is politically biased. In 2018, right-wing news site Breitbart <a target="_blank" class="" href="https://www.nytimes.com/2018/09/12/technology/leaked-google-video-trump.html">posted a video from an internal Google town hall</a> where leaders expressed dismay over Donald Trump's election as president. In the meeting, Google cofounder Sergey Brin called Trump's election "deeply offensive."Google CEO Sundar Pichai sent a memo to employees on Monday thanking them for their hard work ahead of the election and saying that Google should be a "trusted source of information" for everyone, according to a copy reviewed by BI. The memo also asked staff to abide by company guidelines against conducting political activity on company time.Are you a current or former Google employee? Got something to share? You can reach the reporter Hugh Langley via the encrypted messaging app Signal (+1 628-228-1836) or email (<a target="_blank" href="mailto:hlangley@businessinsider.com">hlangley@businessinsider.com</a>).

Googlers poke fun at a policy against making election memes — by making memes

Mumbai: The Reserve Bank is unlikely to cut the benchmark <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword> in its forthcoming bi-monthly monetary policy review later in the week as <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword> is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have reduced the interest rates. "We do not expect any change in the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> or stance by MPC. The reason is that inflation for September and October will be above 5 per cent, and the present low inflation is due to the base effect. Besides, core inflation is inching upwards," said Madan Sabnavis, Chief Economist, Bank of Baroda. Further, the recent Iran-Israel imbroglio can intensify, and there is uncertainty here, he said. "Hence, the status quo is the most likely option even for new members. Inflation forecast may be lowered by 10-20 bps and no change in GDP forecast likely," said Sabnavis. The central bank last hiked the repo rate to 6.5 per cent in February 2023 and since then, it has held the rate at the same level. Icra Chief Economist Aditi Nayar said that given the undershooting in the initial first quarter GDP growth relative to the MPC's forecast and the likely sizeable undershooting in the second quarter CPI inflation print as well, "we believe a stance change to neutral may be appropriate in the October 2024 policy review". This could be followed by a shallow rate-cutting cycle of 25 bps each in December 2024 and February 2025, she added. "The abundant monsoon offers some insurance for crop inflation. The impact of global political developments and geopolitical uncertainty on the growth inflation dynamics remains a risk," Nayar added. An HSBC report said three developments stand out -- softer growth numbers have trickled in recently, inflation has been falling, and the external environment has moved from rate hikes to cuts. "We believe the RBI doesn't gain from waiting any longer. We think it will change its stance from a hawkish 'withdrawal of accommodation' to 'neutral' in the upcoming 9 October policy meeting, followed by repo rate cuts of 25 bps each in the December and February meetings, taking the repo rate to 6 per cent," the report said. The RBI kept the repo rate unchanged at 6.5 per cent in its August bi-monthly review amid risks from higher food inflation. This was the ninth consecutive MPC meeting, which decided to maintain the status quo on the rate front. Pradeep Aggarwal, founder and chairman, Signature Global (India) Limited, said while the real estate industry, developer community, and homebuyers are hoping for an interest rate cut in the upcoming monetary policy review, the RBI is likely to hold on to the interest rate cuts for the tenth consecutive time. "The apex bank still seems uncomfortable with the overall retail inflation scenario, particularly food inflation. As such, it is expected to maintain the status quo. The recent interest rate cut by the US Federal Reserve has ignited similar hopes even in India, but the domestic scenario is very different," he added. SBM Bank India Head Treasury Mandar Pitale believed that the MPC has persistently advocated a restrictive policy until inflation aligns durably towards the 4 per cent target. "With the unfavourable base effect taking the next couple of CPI prints near 5 per cent plus or minus, it will pose a major challenge for MPC to start easing from the October meeting," Pitale said, adding that the MPC is also expected to deliberate upon the global factors like growth-inflation behaviour in developed economies. The government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as external members of the MPC. They have replaced Ashima Goyal, Shashanka Bhide, and Jayanth R Varma. Apart from the Governor, the other internal members are the RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and the Executive Director monetary policy department of RBI Rajiv Ranjan. In an off-cycle meeting in May 2022, the MPC raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in the subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.

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RBI MPC announcement today: Rates unlikely to change, RBI may change stance to neutral

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Repo rate cut unlikely in ongoing MPC meeting, but RBI may change it during October policy review: Experts

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Googlers poke fun at a policy against making election memes — by making memes

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