Nomura expects 50 basis points repo rate cuts in 2013 (including a 25 bps today) from the RBI. Consensus expectations are 75-100 bps
a) Inflation: While headline and core inflation have eased and the RBI expects inflation to moderate further in Q1 (January-March) 2013, suppressed inflation, pressure from food prices and elevated inflation expectations suggest that inflation in FY14 (year ending March 2014) could face downward rigidity.
b) The current account deficit (CAD) has emerged as a big concern. While financing has not been an issue so far, the widening CAD is unsustainable and “remains a constraint on monetary easing.”
c) Reforms have reduced immediate risks, but sustainability of recent reforms remains to be seen. Fiscal risks have moderated in FY13, but a “sustained commitment to fiscal consolidation is needed to generate monetary space.”
The accused, who was described as the most brutal of the six accused by the Delhi Police in its charge-sheet, was declared as 17 years and six months and 24 days-old (as of today) by the JJB
New Delhi: The sixth accused in the case of 16th December gang-rape and murder of a 23-year-old paramedical student was on Monday declared by the Juvenile Justice Board (JJB) as a ‘minor’, which would enable him to walk free by 4th June, this year when he attains the age of 18 years, reports PTI.
The accused, who was described as the most brutal of the six accused by the Delhi Police in its charge-sheet, was declared as 17 years and six months and 24 days-old (as of today) by the JJB, which relied on his birth certificate and school documents produced before it.
Section 15 (g) of the Juvenile Justice (Care and Protection of Children) Act mandates that a juvenile aged between 16-18 years if convicted of any offence can be sentenced to be sent to a special home for a period of three years at the maximum, and, thereafter, be released on probation.
However, Section 16 of the Act also provides that a juvenile can only be kept at the special home till he attains 18 years of age and he cannot be sent to jail thereafter, which in effect will result in his release.
The JJB also rejected the police’s plea for bone ossification test of the sixth accused for determining his age.
Lawyers appearing for the prosecution said they will appeal against the JJB order in a higher court.
Earlier on 15th January, the principal of the school, from where the juvenile had dropped out, had submitted before the JJB that as per the school records he is 17 years and six months-old.
The present and the former headmasters of the school in Bhawanipur at Badaun in Uttar Pradesh, where the juvenile had studied till Class III, had appeared before the Board and said they cannot identify the boy but know that he took admission in the school in 2002.
The former principal said that during the time of admission, the boy’s father had come to admit him and mentioned his date of birth as 4 June 1995.
The five other accused—Ram Singh, his brother Mukesh and their accomplices Pawan Gupta, Vinay Sharma and Akshay Thakur—have been charged with the offences of murder, gang-rape, attempt to murder, kidnapping, unnatural offences, dacoity, hurting while committing robbery, destruction of evidence, criminal conspiracy and common intention under the IPC.
The 23-year-old paramedical student was brutally raped and assaulted in a moving bus on 16th December and she died on 29th December in a Singapore hospital.
The juvenile is the eldest son of a mentally challenged father and his mother relied on farming to raise his two brothers and two sisters in a small hamlet at Badaun.
The investigators had said that around five to six years ago, he fled from his home and came to Delhi where he did small jobs till he met Ram Singh, who was driver of the bus.
The police sources had said that on the fateful night, all the accused had partied and had then gone on a joy ride in bus and to “pick some girl for sexual pleasure”.
They had first robbed Ramadhar Singh, who they had picked up from RK Puram Sector 4 and then dumped him near IIT gate.
And from Munirka, they had picked up the gang-rape victim and her male friend and dumped them on the road assuming they were dead, according to the sources.
Flagging concerns about fiscal and external imbalances in the economy, the apex bank said that more reforms are required, especially in road and power sectors, to remove the investment bottlenecks
Mumbai: The Reserve Bank of India (RBI) on Monday said recent reforms have reduced the immediate risks for the economy but emphasised on the need for more measures to restore investor confidence, reports PTI.
Flagging concerns about fiscal and external imbalances in the economy, the apex bank said that more reforms are required, especially in road and power sectors, to remove the investment bottlenecks.
"The fresh round of reforms that were initiated in September 2012, after a hiatus, has reduced the immediate risks facing the Indian economy...
"On the whole it appears that the reform measures taken so far have not decisively lifted business sentiments and further action may be needed to restore confidence," RBI said in its third quarter review of Macroeconomic and Monetary Development.
The monetary policy, RBI said, could focus more on boosting growth after the reform actions get executed.
"While government has embarked on a fiscal adjustment path, staying on this course over the medium-term is necessary for providing sufficient space for monetary policy to stimulate growth," RBI said.
In the past couple of months the government has taken a host of reforms initiative including opening the multi-brand retail chain to foreign direct investment (FDI), and also the Union Cabinet has approved hiking foreign investment limits in the insurance and pension sectors.
Earlier this month, the government also allowed partial deregulation of diesel prices, besides limiting the number of subsidised LPG cylinders to nine per family a year.
"Fiscal risks have somewhat moderated in 2012-13, but a sustained commitment to fiscal consolidation is needed to generate monetary space," RBI said.