! ! )*+ ! * +,-. #'(#() "#$%& *'#$+, 0) 2 $$ "# $%"& ' #" 4%"%2 " &% (% ("( $ % %2$" % " 3 % %(( " 4 ( 5 6 4 ,* * ( )-. ./- , $0+* !! /&01'23%/1%45067+89:+-; !"# policy repo rate reduction of 110 bps during February- n a clear admission about the August 2019, the weighted Ipoor health of the economy, average lending rate (WALR) the Reserve Bank of India on fresh rupee loans of com- ndia has finally broken its (RBI) on Friday slashed its mercial banks declined by 29 Isilence on repeated state- GDP growth estimate for the bps. However, the WALR on ments issued by Turkey and current fiscal to 6.1 per cent outstanding rupee loans Malaysia attacking New Delhi from 6.9 per cent and reduced increased by 7 bps during the on the Kashmir issue and asked the interest rate by quarter of same period. them to have a proper under- a per cent even as the stock Central banks around the standing of the situation in market benchmark BSE Sensex world are loosening monetary Kashmir before making further plummeted by 434 points due policy to offset a global slow- comments. to heavy sell-off in banking and down, worsened by US-China Expressing “deep regrets” FMCG stocks. trade tensions. The rate cut by on the statement issued by the The market was disap- the RBI follows a series of fis- two countries, External Affairs pointed by such a massive cal steps taken by the Ministry Spokesperson downward revision of growth Government over the last six Raveesh Kumar reiterated forecast and less than expect- weeks to spur growth, includ- India’s position that Pakistan P ed reduction in interest rate. ing steepest ever cut in tax paid had invaded and illegally occu- Given the tame inflation rate by companies, cost the exche- pied parts of Jammu & and feeble growth, the street quer 1.45 lakh crore. Kashmir and the current devel- !! "# was expecting at least 40 basis Asked if the corporate rate opments in J&K and Ladakh ! "# point rate cut. The disappoint- cut would impact fiscal deficit are purely its internal matter. $ ed triggered a collapse in the ! "#$ # $ target of 3.3 per cent of the Kumar called upon market. It was the fifth straight #& '()" ' *!# +, GDP, Das said the Government Ankara, which has issued sev- rate cut that brought interest has stated that it will maintain target of 4 per cent. a high of 38,403.54. The broad- eral statements on Kashmir rate to almost a decade low. growth in the current fiscal to momentum remains as it is fiscal deficit target and “we On reviving growth, the er NSE Nifty plunged 139.25 since August 6, to have a prop- Jammu & Kashmir and asked With all six members of the 6.1 per cent from 6.9 per cent now and growth revives, the have no reason to doubt that”. MPC welcomed the recent points or 1.23 per cent to close er understanding of the situa- New Delhi to work with Monetary Policy Committee it had previously estimated MPC will continue with an Admitting that the impact moves by the Government as at 11,174.75. During the holi- tion in Kashmir before making Pakistan to resolve the issue. (MPC) voting in favour of a after lower-than-expected 5 accommodative stance while of the 135 bps rate cut will “take the ones in the right direction, day-truncated week, Sensex further comments. Pointing out that India and rate cut and for retaining the per cent growth rate in April- ensuring inflation remains time” to filter in, Das said, but the resolution did not have plummeted 1,149.26 points or “India and Turkey are Malaysia have traditionally accommodative stance, the June and no substantial uptick within the target.” The RBI will “While the recent measures any reference to the fiscal 2.96 per cent, while Nifty friendly countries. We, there- enjoyed good and friendly ties, benchmark repurchase rate in the following quarter. Risks continue accommodative announced by the Government deficit or fiscal management, declined 337.65 points. fore, deeply regret that since Kumar said, “This relation- was cut by 25 basis points to on the 6.1 per cent GDP stance as long as it is necessary are likely to help strengthen which is generally deemed to Top laggards included August 6, there have been ship has been enhanced in 5.15 per cent. The previous growth estimate are “evenly and growth revives,” he said. private consumption and spur have an inflationary impact. Kotak Bank, ICICI Bank, repeated statements by the recent years. We have noted the lowest repo rate of 5 per cent balanced”, it said. In the four previous rate private investment activity, the Meanwhile, after opening HDFC Bank, Tata Motors, Turkish Government on a mat- comment on J&K by the Prime was recorded in March 2010. The repo rate cut is aimed cuts since February, the RBI continuing slowdown warrants nearly 300 points higher, the L&T, SBI, Tata Steel and Axis ter completely internal to India. Minister of Malaysia. We Following the rate cut, the at pushing consumption up had cut interest rates by 110 intensified efforts to restore the Sensex gave up all the gains to Bank. On the other hand, TCS, These statements are factually deeply regret these comments reverse repo rate was reduced during the ongoing festival basis points whose transmis- growth momentum.” turn negative shortly after the Infosys, ONGC, Tech incorrect, biased and unwar- since they are not based on to 4.9 per cent. While five season by reducing borrowing sion to borrowers in form of The RBI raised its near- policy announcement by the Mahindra, IndusInd Bank and ranted,” Kumar said. facts,” Kumar said. members voted for a 25 bps cut, costs for home and auto loans, lower lending rate has term inflation forecast slightly RBI. The Sensex gyrated 770 NTPC rose up to 1.03 per Malaysian Prime Minister “Government of Malaysia Ravindra Dholakia voted for a which are now directly linked “remained staggered and to 3.4 per cent for the second points during the day to end cent. Rate-sensitive banking Mahathir Mohamad had raised should bear in mind the friend- 0.40 per cent reduction. to this benchmark. incomplete”, the Central bank quarter of the fiscal started in 433.56 points or 1.14 per cent stocks faced the heat, finance, the Kashmir issue at the United ly relations between the two The RBI revised down- RBI Governor Shaktikanta said in a statement. April, while projecting it would lower at 37,673.31. It hit an auto and realty indices tanking Nations, alleging that India countries and desist from mak- wards its estimate for GDP Das said as long as the growth As against the cumulative stay below its medium-term intra-day low of 37,633.36 and up to 2.45 per cent. had “invaded and occupied” ing such comments,” he added. $%&' P () face to air missile system of the copter is friendly or hostile. In %&' IAF. The probe found at least early May, the IAF transferred ndian Air Force (IAF) chief five officers, including a Group the Air Officer Commanding day after Chief Minister IRKS Bhadauria on Friday Captain responsible for the (AOC) of Srinagar base to ARaghubar Das reiterated said “it was a big mistake” by crash, defence sources had ensure a thorough probe into that Left Wing Extremism IAF men to bring down the stated earlier. The Pioneer had the incident. Officials said the (LWE) menace in State will be MI-17 chopper on February 27 reported on August 23 that the CoI was also specifically focus- tackled with iron hands, red in Jammu & Kashmir, killing all high-level probe by the IAF had ing on examining the role of terror returned to haunt the six on board besides a civilian held five officers guilty as it was various people, including those State on Friday early morning. on the ground. He said the found out that the helicopter controlling the air defence sys- Two jawans of the Commission of Inquiry (CoI) went down after getting hit by tem when the helicopter was Jharkhand Jaguar (Special task is over and action will be taken an Indian missile. hit by a surface-to-air missile. Force of the State police), des- against the guilty. These findings formed part Incidentally, the helicopter ignated to counter the extrem- Officers may face charges of the mandatory court of was shot down around the ist insurgents in the State, lost of culpable homicide not enquiry. The officers found same time when Indian and their lives in an encounter $ $ ! 0 0&! 1002 3 $ amounting to murder as per guilty of negligence and not fol- Pakistani fighter jets were with members of the banned # -3 -!# *4 # ! * provisions of the military law lowing procedures include one engaged in the aerial battle. armed groups, the Communist -! 4 !& # 0 0&! and IAF top brass will decide *$ -!# & ! # Group Captain, two Wing Moreover, incident took Party of India (Maoists), near 5! 6$ + on the quantum of punish- . * / $ +, Commanders and two Flight place when the Indian forces on Dassam falls between Bundu ment, said sources. Hit by a Lieutenants, sources said. their highest alert and Namkum area of Ranchi Meena said, “The security operation after the incident. surface-to-air missile of the a day earlier. “It was a big mis- Chief ahead of the 87th Air The enquiry found that followingPakistani aerial raid. district. forces based on a tip off that Meanwhile, as per sources in IAF, the helicopter crashed in take, action being initiated Force Day on October 8. the ‘Identification of Friend or The helicopter crashed within The deceased jawans were the members of the banned State home department till Budgam shortly after take-off against two IAF personnel,” Bhadauria took over as the IAF Foe’ (IFF) system on-board ten minutes of take off after get- identified as Khanjan Kumar CPI (Maoist) group had gath- September this year, around 27 from Srinagar.