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RBI Governor hints at interest rate cuts

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By NewsGram Staff Writer

Washington: RBI Governor Raghuram Rajan has hinted at cutting interest rates for a fourth time. He admitted that the continuous slow economic growth has become a central problem world over.

“We’ll look at the data as it comes in and take a further view. We have not said we are finished,” he said in an interview with CNBC television in Jackson Hole, Wyoming, where he’s attending an economic symposium.

After cutting its repo rate by 75 basis points this year, the RBI kept the rate on hold at its last policy review, saying it wanted to monitor inflation and wait for lenders to further lower their lending rates.

The RBI, Rajan said, has reached an agreement with the government on a new monetary policy committee that largely meets the goal of transitioning from a system where the governor alone is responsible for decisions in order to insulate it from outside pressure, he said.

The agreement on the new rate setting panel was different from a proposal circulated in July that would allow the government to appoint the majority of members.

“There’s an agreement with the government, which is not that plan,” Rajan said. He didn’t give more details.

The committee would replace the current rate-setting system once the RBI Act of 1934 is amended in parliament.

Having a committee would make it easier for individuals to resist pressure and ensure that “monetary policy doesn’t change overnight” if one person drops out, Rajan said.

“We also need a transition path from where we are now to that committee,” he said. “It can’t be that overnight the committee takes over and nobody understands what the views of the committee are.”

Rajan said that he sees a “mood of optimism” in India’s economy and that the nation is relatively insulated from a slowdown in China.

He called for lawmakers to overcome their differences to implement a goods and services tax, which he said, would be “one of the most important changes in India”.

He also said a proposed bankruptcy code would also be “extremely important“.

“If we can get a good bankruptcy code, we can start issuing long-term bonds, which is absolutely necessary to finance infrastructure, finance all the big things the government plans,” Rajan said.

He also cautioned the US federal reserve on going ahead with a rate hike, especially at a time when world economic growth is stalling which has led to massive volatility in currency, equity and commodity markets.

“My position over time has been don’t do it when the world is in turmoil,” Rajan told CNBC. “It’s a long anticipated event, it has to happen sometime…everybody knows it has to happen..but pick your time.”

Earlier on Friday Federal Reserve Vice Chairman Stanley Fischer told CNBC that it was too early to tell whether volatility in the market made it more or less compelling to raise rates at the central bank’s mid-September policy meeting.

(With inputs from IANS)

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Here’s A List of Top 5 Gadgets of India in 2018

Samsung Galaxy Tab S4 for Rs 57,900 is packed with rich features -- both for the workaholic and the lazy soul

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Top 5 gadgets that grabbed eyeballs in India in 2018. (IANS)

From high-end tablets to powerful cameras, the year 2018 saw some cool gadgets arriving in India. Here are the top 5 picks from the lot.

1. Apple Watch Series 4

Call it guardian of your health. If you are constantly worried about an elderly person in your family suffering a fall in the bathroom or in the garden, the Apple Watch Series 4 is what you need.

The device houses a feature called “Fall Detection” that will alert emergency contacts saved in your iPhone in case you meet with a hard fall.

The new Watch has an electrical heart sensor with two new features — low heart rate notifications and faster heart rate reading. The moment you get furious, Watch Series 4 sends you an immediate notification about your heart rate going through the roof, requiring you to cool down.

In the US, Apple Watch Series 4 will now help users take an electrocardiogram (ECG) right from their wrist and check irregular heart rhythms (hope these features come to India soon).

Apple Watch Series 4 is now available in India — the GPS+Cellular variant starts from Rs 49,900 and GPS-only model from Rs 40,900.

Apple Watch
Apple watch series 4.

2. Samsung Galaxy Tab S4

Samsung Galaxy Tab S4 for Rs 57,900 is packed with rich features — both for the workaholic and the lazy soul.

The 2-in-1 comes equipped with Samsung “DeX” (docking station) and S Pen, making it a perfect device for those who are always on the go and seek entertainment on the side.

The redesigned S Pen offers services like navigate, translate and organise notes — and even to send personalised texts via Samsung “Live Message”.

The device has a Qualcomm Snapdragon 835 processor, runs Android 8.1 Oreo, has 4GB RAM in two 64GB and 256GB internal memory with microSD variants. There is a 13MP rear and 8MP front camera.

If you are a Samsung smartphone user, especially Note 9, and want the same experience on a bigger display, Galaxy Tab S4 is your default choice. Invest in a Book Cover Keyboard to give the tab a laptop-like form factor.

3. OnePlus 6T

Undoubtedly the flagship killer of the year in the Rs 30,000 – Rs 40,000 segment.

The company’s latest addition packs in all the goodness of OnePlus 6 along with meaningful upgrades such as the much-anticipated under-display fingerprint sensor, a smaller waterdrop-style notch and a bigger battery.

The 6T is OnePlus’ costliest smartphone so far with a price tag of Rs 37,999 (for the 6GB RAM and 128GB internal storage base variant). It is also available in a configuration of 8GB RAM+128GB storage and 8GB RAM+256GB storage for Rs 41,999 and Rs 45,999, respectively.

OnePlus has brought a slew of meaningful upgrades to the 6T and the phone definitely looks and feels better this time. Topped with a bigger battery and some hardware improvements, OnePlus 6T makes for a highly desirable smartphone in the premium category.

4. Amazon Echo Plus (2nd Gen)

The Rs 14,999 All-New Echo Plus (2nd Gen) with a smarter Alexa comes with a built-in smart hub that helps you set up compatible Zigbee-enabled smart home devices directly, just using your voice.

Just ask Alexa to discover your devices and begin controlling compatible lights, plugs, locks, thermostats, sensors and in-wall switches.

With seven microphones, beam-forming technology and noise cancellation, Echo Plus will hear you from all directions.

One feature that is worth mentioning is the equaliser (EQ) feature that allows users to personalise sounds by adjusting the bass, mid-range and treble.

Just ask Alexa to increase or decrease a specific band like “turn up the bass” or “decrease the treble” and she does it for you.

The second-generation Echo Plus with a far more intelligent Alexa is a real upgrade if you have experienced the first generation Echo.

Google , US, Alexa
With seven microphones, beam-forming technology and noise cancellation, Echo Plus will hear you from all directions. Pixabay

5. Canon EOS R

The first full-frame mirrorless camera from Japanese camera maker Canon, the 30.3MP EOS R is the show stopper.

With the new EOS R, four types of RF mount adapters have been introduced to complete the EOS R ecosystem.

The EOS R features an electronic viewfinder. The camera is equipped with features like advanced Dual pixel CMOS AF, Digic 8 imaging processor, High density AF points positions, Multi-function slider bar, Flexible AE Mode and High speed data communication RF mount.

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The RF lens mount is a balance of optical, mechanical and electronic engineering excellence, enabling innovative full-frame lens designs, faster auto focus and high-speed communication between the camera and lens.

The 54mm diameter RF mount is what makes EOS R unique with its short back-focus of 20mm and 12-pin contact points for enhanced communication between the lens and body.

The camera costs Rs 189,950 and with the EOS R kit (RF24-105mm f/4L IS USM Lens), the price is Rs 278,945. (IANS)