India’s  monetary policy  is independent of  the Fed and  is capable of meeting  the needs of its own domestic cycle. 

Intro:  Ashima Goyal, external member of the Monetary Policy Committee, said:  Credit growth has  been outpacing  deposit growth for some time  and banks cannot continue to rely on short-term borrowing  term  and liquidity to meet  demand.  She  told  Piyush Shukla that the target is  for  inflation  not  to  reach 4% but  to maintain it  there.  Excerpt:  

 As you mentioned in  the  MPC minutes, the  US Federal  Reserve’s scope for further interest rate increases  is limited.  Does  MPC  have  similar  thoughts? India’s  monetary policy  is independent of  the Fed and  is capable of meeting  the needs of its own domestic cycle. It  doesn’t  have to follow the Fed. Policy decisions depend on new data and  their  impact on forecasts.  The market  should base their expectations on  these factors.  

 But the  Fed’s  recent decision  suggests its  policy  may  remain  restrained  and focused on achieving its inflation  target,  even  as interest  rate  cuts are forecast. This policy will reduce inflation  if real  interest  rates are positive and above neutral. 

  Do you expect  the increase in  repo  rates to  deposit  rates to continue to be transmitted? Currently, credit  growth has  outpaced  deposit  growth.  Banks cannot rely  solely  on  liquidity and  short-term loans but must  take  steps  to increase deposit growth. What they do is up to them. Some  transmissions continue  automatically.  When  old deposits  mature,  they  will be renewed  at  a  higher  interest rate than the  current  one.  

  When  can we expect retail inflation  to hit the  4% mark?  Reaching 4% is not enough,  we have to  stay there.  Many previous  forecasts of inflation  near  4%  were shattered  by  the  supply  shock.  The good news is  that  these shocks are becoming more  and more  transient. This is a  sign  of a mature inflation targeting regime. So we  have  to  wait a while  until we are  sure  that even if shocks  occur,  they will not  disrupt  progress  towards  the 4% target. 

  With  input costs  rising  as  shown by the  WPI, can we expect  core inflation to  pick up  soon?  

 There is no  exact  correspondence between  WPI (wholesale price index) and core CPI (consumer price index).  Although WPI increased  very  strongly,  core CPI did not  increase  much over the past year. Many other factors influence  the base CPI,  and some of  them contribute  to  a decrease in the base  CPI.  Corporate  profit margins are  at a healthy level.  They  don’t  need to raise prices. 

  What  supply-side  measures do we need to  avoid  frequent  spikes in  food  prices?  We need  to diversify our  key crops  by  using our  varieties across geographies,  shorter crop cycles,  more efficient  agricultural supply  chains,  more retail chains should  seek Direct sourcing  from farmers as an alternative to mandis, better food processing,  better preservation  and  better utilization  of imports  for  smooth availability of supplies. 

  As we enter  a  general election year, do you expect volatility in  the stock  or  bond  markets?  Market volatility is  unlikely,  especially as  recent  national  election results  reinforce  expectations of stable  election results. Greater  diversity  among  market participants reduced volatility in Indian equity markets last  year,  despite  big swings  in foreign equity flows. Next  year,  more debt inflows are expected, but  the market  now  has enough  depth and  scale  to absorb  them. The  absolute  amount is higher today  as a percentage of GDP than  the  lower  amount previously. 

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 The  plane, which  took off from  Dubai,  United Arab  Emirates,  carrying 303 Indian passengers, including many minors,  landed on Thursday  at  Châlons-Vatry airport, in  the  Marne.  

 India on Saturday said it was working with the French government  to quickly resolve  the situation after a Nicaragua-bound flight carrying 303 people, mostly Indians, was  intercepted  by French authorities during a technical  stop  at an airport near Paris  because of  suspected  “human incidents”. smuggle”. 

 The  plane, which  took off from  Dubai,  United Arab  Emirates,  carrying 303 Indian passengers, including many minors,  landed on Thursday  at  Châlons-Vatry airport, in  the  Marne.  

  “The French  authorities  have  informed us  that  a plane  carrying  303 people, mostly  of  Indian origin, from Dubai  and heading  to  Nicaragua, stopped during  a technical  stop  at a French airport,” the  delegation said. the  Indian  delegation  said in a  message  on  “X”. 

 “The embassy team  approached and was granted  consular access. We are investigating the situation,  while  ensuring the  safety  of passengers,” the  delegation  said on Friday. 

  Châlons-Vatry Airport,  located 150  km  east of Paris,  mainly  serves  low-cost  airlines. “Thank  you to the  French authorities for  researching  this  topic over this long weekend,”  the  text  said.  

 According to  an article in  Le  Monde,  the Marne  agency’s civil protection agency  said on Saturday that the plane was carrying 13 unaccompanied minors as well as accompanied minors,  between the  ages  of  21 months  and  17  years old.  

 An earlier report  said France’s  national  organized  crime  unit, JUNALCO, had  taken over the investigation.  The  Paris  prosecutor’s  office said in a  statement that special investigators were questioning all those on the plane and two people were in police custody pending further investigation.  

 The  Marne district (northeast) pointed out that  the  A340,  operated by  the  Romanian company Legend Airlines,  “remained  on the  runway  at Vatry airport  after landing”  on Thursday. 

  The newspaper  said  the  provincial government  said the plane  needed  to refuel and was carrying 303 Indian nationals who  were likely  working in the  United Arab Emirates.  According to  reports, the  trip  may have been planned by the Indian passengers to reach Central  America,  from where they  could  attempt to  illegally  enter the United States or  Canada.  

 After landing in France,  passengers  are  first kept on the  plane,  then  released  and given  their own bed  in the  terminal.  The entire airport was  blocked  by police. 

  The  prosecutor’s  office said an anonymous  source said  the flight was carrying people who  may have been  victims of human trafficking.  The passengers  were  finally  transferred  to  the main hall of the small Vatry airport, where  baby  cots were  installed so they could spend the night  on Thursday,  Marne  authorities  told the newspaper. 

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