Assumption of rate cut delivering growth simply not working: Rathin Roy

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The assumption that would help deliver growth is “simply not working” as transmission is not happening, said senior economist on Saturday.

Roy, director of National Institute of Public Finance and Policy (NIPFP) said the assumptions on linear relationships between resulting in growth by lowering the cost of capital is not working for some time now. NIPFP is backed by the


“I am not persuaded by the RBI’s monetary policy statements, including that of the governor, regarding the rush down for these I heard him (Governor) just before this session and I continue to not being convinced,” Roy said at the Annual Economics Conference organised by State Bank of India.

RBI Governor Shaktikanta Das, who addressed the gathering before the economists’ panel, reduced rates by a cumulative 1.15 per cent in two moves since the onset of the Covid-19 pandemic, on the top of over one percentage point cuts before that with an eye on the sagging growth, which slipped to 4.2 per cent in FY20.

“It is very clear that this assumption (of rate cuts delivering growth) is not working in a simplistic way for

Covid-19 effect: Air India withdraws job offers for 180 trainee cabin crew

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has withdrawn job offers for around 180 trainee cabin crew members amid the in the Indian aviation sector due to the pandemic, said airline officials on Saturday.


“The airline has taken a decision to withdraw job offers for about 180 trainees who were to join as cabin crew after completing their training as the aviation sector has been hit hard due to the pandemic,” said an airline official.


In a letter sent to one such trainee cabin crew member on July 6, the airline said, “In view of the current aviation scenario, it would not be possible for to impart any further training to you for engaging your services.”


The letter also said, “In view of the above reasons, which are beyond the control of the company, it has been decided to discontinue your training arrangement and dispense with the offer of engagement with immediate effect.”


It further said the bank guarantees furnished by the individual trainees at the time of joining were being returned.


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Trump Move To Free Ally Stone Is ‘Historic Corruption’: Republican Senator

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Donald Trump’s commutation of the prison sentence of longtime ally Roger Stone was a case of “unprecedented, historic corruption,” Senator Mitt Romney tweeted Saturday, making his a rare Republican voice raised in criticism of the president.

Stone, who is 67, had been set on Tuesday to begin serving a 40-month prison term after his conviction on seven felony charges originally brought by Special Prosecutor Robert Mueller.

The charges include tampering with a witness and obstructing the House investigation into whether the Trump campaign conspired with Russia to help him win the 2016 election.

Romney, who infuriated Trump when he became the only Republican to vote to convict the president in his impeachment trial, pulled no punches on Saturday.

“Unprecedented, historic corruption: an American president commutes the sentence of a person convicted by a jury of lying to shield that very president,” he tweeted.

His blunt criticism set him apart from most Republicans, who have remained largely mute on the matter, but it aligned him with the unanimous condemnation coming from the president’s Democratic critics, led by House Speaker Nancy Pelosi.





House Speaker Nancy Pelosi, seen on July 9, 2020, has denounced President Donald Trump’s commutation of the jail sentence of

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