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RBI Cuts Rate to 9-Yr Low of 5.75%

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RBI Cuts Rate to 9-Yr Low of 5.75% Follow us on: facebook.com/dailypioneer RNI No.2016/1957, REGD NO. SSP/LW/NP-34/2019-21 @TheDailyPioneer instagram.com/dailypioneer/ Established 1864 OPINION 8 MONEY 10 WORLD 11 Published From BETTING ONLY SENSEX DIPS 554 PTS AS RBI RATE WORLD LEADERS MARK 75 YEARS DELHI LUCKNOW BHOPAL BHUBANESWAR RANCHI RAIPUR CHANDIGARH ON CHARISMA CUT FAILS TO CALM NBFC JITTERS OF WW II D-DAY LANDINGS DEHRADUN HYDERABAD VIJAYWADA Late City Vol. 155 Issue 154 LUCKNOW, FRIDAY JUNE 7, 2019; PAGES 16 `3 *Air Surcharge Extra if Applicable MET DOCTORS FOR ROLE PREP:} SHAHID} 12 VIVACITY www.dailypioneer.com Govt puts Rajnath back in top panels After excluding Def Min from 6 of 8 Cabinet panels, he is included in 4 more, including Political Affairs PNS n NEW DELHI is out of two committees — crude oil related issues. appointments, which has tra- Shah will head the Cabinet efence Minister Rajnath ditionally had only PM and PECKING ORDER Committee on DSingh is back on several Home Minister as members — 2 In a Thursday morning notification that gave a clear signal of Rajnath Accommodation. Road reconstituted key Cabinet com- and accommodation, a rela- Singh's diminishing role in decision making, the Modi Government Transport and Highways mittees after his exclusion from tively low-profile panel. had restricted him to only two of the eight key Cabinet committees Minister Nitin Gadkari, them raised eyebrows in the Incidentally, the number Sitharaman and Railway and political circles. two Minister in the 2 But late at night, the Government added Rajnath to 4 more Cabinet Commerce Minister Piyush In a Thursday morning Government — by conven- panel, including all-important Political Affairs Goyal are its members. notification that gave a clear tion the person who is sworn Committee as well as investment and growth, Minister of State in PMO signal of Rajnath Singh’s dimin- in right after the Prime employment and skill development, and head Jitendra Singh and Housing ishing role in decision making, Minister — chairs the Cabinet of Parliamentary Affairs Committee and Urban Affairs and Civil the Modi Government had and the Political Affairs 2 Rajnath has been included in all six Aviation Minister Hardeep restricted him to only two of Committee in the absence of committees in a designation above Home Puri are special invitees of the the eight key Cabinet commit- the Prime Minister. In the Minister Amit Shah Accommodation Committee. tees. This was seen as a “humil- absence of Rajnath, Shah would 2 Rajnath is out of two committees — The Cabinet Committee iation” to Rajnath, whose suc- have presided over the meet- appointments, which has traditionally on Economic Affairs will be cessor in the Home Ministry, ings of these committees. had only PM and Home Minister as headed by the PM and will Amit Shah, figured in all the Earlier, Rajnath was includ- members — and accommodation, a have Rajnath, Shah, Gadkari, committees and Finance ed in the Cabinet Committee low-profile panel Chemicals and Fertilisers Minister Nirmala Sitharaman on Economic Affairs and 2 Minister DV Sadananda in all but one of them. Cabinet Committee Security The exclusion of Rajnath from Gowda, Sitharaman, But late at night the same but was notably missing from important Cabinet panels on Agriculture Minister Narendra day, the Government added the Cabinet Committee on Thursday morning notification had Singh Tomar, Communication Rajnath to four more Cabinet Political Affairs, which have led many political observers to Minister Ravi Shankar Prasad, committees, including all- Amit Shah, Nitin Gadkari, believe that Amit Shah will be the Minister for Food Processing important Political Affairs Sitharaman, Narendra Tomar, second-in-command in the new Harsimrat Kaur Badal as its Committee as well as invest- Ravi Shankar Prasad, Harsh order, however the evening members. ment and growth, employment Vardhan, Piyush Goyal, notification scotched the fear Amid economic slowdown and skill development, and Prahlad Joshi and allies Ram ly indicates his growing influ- two after Modi. second most powerful person and rising unemployment, the head of Parliamentary Affairs Vilas Paswan, Harsimrat Kaur ence in governance. Shah con- The induction of Shah, in the new order and the scotched by the night. Commerce and Railways PM on Wednesday constituted Committee. Badal and Arvind Sawant as its tinues to hold the post of BJP who is also the BJP president, Thursday morning notifica- Shah had chaired an infor- Minister Piyush Goyal and two new Cabinet committees Rajnath has been included members. president as the party scouts for in the Government had led tion on the restructured mal meeting of several Cabinet Petroleum Minister under his chairmanship to spur in all committees in a designa- All the committees bore his replacement. He has many political observers to Cabinet committees had stoked Ministers, including External Dharmendra Pradhan, besides economic growth, investment tion above Amit Shah. Rajnath the stamp of Shah which clear- emerged the de facto number believe that he would be the the sepculation, only to be Affairs Minister S Jaishankar, Sitharaman, on June 4 over and employment. CAPSULE SHAH TO GET LATE PM VAJPAYEE’S RESIDENCE RBI cuts rate to 9-yr low of 5.75% Captain clips New Delhi: Amit Shah is likely to be allotted late Prime Minister Atal Bihari Vajpayee’s Krishna Asks banks to pass on benefit to home/auto EMIs; markets hoped more, fall Menon Marg residence in the central Delhi, Government PNS n MUMBAI sus even the revised numbers Sidhu’s wings sources said on Thursday. presented in February, the he Reserve Bank of India numbers targeted in the inter- CM Amarinder NO MODI-IMRAN MEETING T(RBI) on Thursday slashed im Budget are looking truly ON SIDELINES OF SCO: MEA its benchmark lending rate by daunting. This is especially in New Delhi: No bilateral meeting 25 basis points to a nearly nine- context of the ongoing growth rejigs Cabinet, has been planned between Prime year low of 5.75 per cent pro- slowdown. Sitharaman has a Minister Narendra Modi and his viding relief to industry as tall task to present a credible shifts Sidhu to Pakistani counterpart Imran well as EMI payees in home, Budget while sticking to the Khan on the sidelines of the SCO auto and other sectors, but the assumed deficit target. Power Ministry Summit, the External Affairs Central bank’s failure to assuage Das seemed to have a rea- Ministry said on Thursday. investors concerns regarding sonably benign view on MONIKA MALIK n CHANDIGARH the NBFC sector triggered a Government finances, under- Sidhu now gets the Power NIPAH VIRUS: SAMPLES massive sell-off in the stock playing the recent stress and he wrangling between and New and Renewable OF SIX TEST NEGATIVE market which suffered biggest instead focused on the consol- TPunjab Chief Minister Capt Energy Sources Ministry. Kochi: Samples of six people, one-day fall in 2019. The idation underway over the past Amarinder Singh and his Senior-most Minister Brahm including three nurses and a reverse repo rate under stands few years. Cabinet colleague Navjot Singh Mohindra, who was earlier nursing assistant, who had at 5.50 per cent. RBI Governor Shaktikanta Das during He was not unduly con- Sidhu on Thursday escalated handling Health and Family attended on a college student The third rate cut this year RBI’s bi-monthly policy review in cerned about PSU borrowings beyond repair with Captain Welfare, has been given the infected with Nipah virus, have brought the interest rates to Mumbai on Thursday PTI saying that borrowings done by divesting the former cricketer Local Government tested negative and indicated the their lowest level in nine years state-owned firms who have of the Local Bodies Department, while the Tourism virus has not spread, Kerala even as the RBI changed its “Growth impulses have own revenue streams should Department, and also the and Cultural Affairs went to Health Minister KK Shailaja said. stance to “accommodative” weakened significantly as not be looked upon as govern- Tourism and Cultural Affairs Charanjit Singh Channi, who from “neutral”, opening up the reflected in a further widening ment borrowing. Given very Department. also retains the Technical MAKE SANSKRIT OFFICIAL possibility of another cut in the of the output gap compared to large buffer stocks (3.4 times The action came hours Education, Industrial Training LANGUAGE: NCST CHAIR coming months to infuse some the April 2019 policy,” the RBI the norm), there seems to be after Sidhu’s “rebellious” deci- and Employment Generation. New Delhi: Amid a controversy life into the economy growing cut and switching of its stance mittee to act decisively and act said in the monetary policy less of a concern from an infla- sion to stay away from the Amarinder, after announc- over Hindi being part of a three- at the slowest pace since Modi to “accommodative” from neu- in time (to address the growth statement. tion perspective, in case mon- Cabinet meeting, first after the ing the reshuffling of the port- language formula, National came to power in 2014. tral. RBI Governor Shaktikanta concerns).” The reduction in interest soons turn out to be weaker. 2019 general elections, while folios, said, “With the Congress Commission for Scheduled The RBI said it has done Das said the shift in the stance In three back-to-back bi- rate will help boost credit While inflation remained holding a simultaneous Press Government in the State near- Tribes Chairman Nand Kumar away with charges on fund meant that an increase in inter- monthly monetary policies this growth, helping arrest the slow- below its medium-term target conference to underscore his ing the mid-term mark, the Sai on Thursday demanded that transfers through RTGS and est rates is “off the table.” year, the RBI has lowered inter- down in the economy ahead of to give “scope” to the MPC “to achievements as the Local exercise would re-energise the the Government make Sanskrit NEFT routes to boost digital He wanted banks to expe- est rates by 75 basis points.
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