Politics

Offered to quit as MP Cong chief post party’s Lok Sabha poll debacle: Kamal Nath

Kamal Nath

Bhopal | Madhya Pradesh Chief Minister Kamal Nath has said he had offered to resign from the post of state Congress president after the party’s debacle in the recently concluded Lok Sabha elections.

His remarks come in the backdrop of reports that Congress president Rahul Gandhi had expressed disappointment that none of the party leaders, holding top posts, took responsibility for the party’s poll rout after the Gandhi scion decided to resign last month.

Rahul has been adamant on stepping down as the Congress chief.

Nath said he takes responsibility for the party’s poor performance in Madhya Pradesh, where the Congress bagged just one out of the 29 Lok Sabha seats.

“I take responsibility for the party’s defeat in Lok Sabha elections in the state. Rahul Gandhi is right.

“I do not know who is responsible for the defeat but I had offered to quit the party post,” Nath told reporters on the sidelines of a function here late Thursday night.

“I personally believe that I am responsible for the party’s defeat. I do not know who else in responsible, he added.

A senior Congress leader said Nath had offered his resignation as state party president after the Lok Sabha poll results.

“Nath had said he takes moral responsibility for the party’s defeat in the state,” he added.

Nath was appointed Madhya Pradesh Congress Committee (MPCC) chief in April 2018, while he took over as chief minister of the state in December last year.

Nath had offered to resign from the post of MPCC president after the Congress wrested power from the BJP after a gap of 15 years and he became chief minister.

However, he was asked by the Congress high command to continue in the party post.

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SBI Research Says Retail Inflation Expected To Come Down To 5% By March

ANI

India’s retail inflation rate based on Consumer Price Index is expected to remain below RBI’s comfort zone of 6 per cent and will decline materially to 5 per cent by March 2023, said SBI Research

New Delhi: India’s retail inflation rate based on Consumer Price Index is expected to remain below RBI’s comfort zone of 6 per cent and will decline materially to 5 per cent by March 2023, said SBI Research in its latest Ecowrap report.

For January-March 2023, the average retail inflation is seen at 4.7 per cent. According to the latest data released by the ministry of statistics, the retail inflation during the month of December was at 5.72 per cent. The latest figures, released on Thursday, showed a marginal decline and further moderation in retail inflation as compared with the previous month.

The retail inflation was 5.88 per cent in November from 6.77 per cent in October. The retail inflation in India had remained above 6 per cent till October for over three quarters, which was beyond RBI’s comfort zone.

“CPI inflation fell to a 12-month low of 5.72 per cent in Dec’22, along expected lines, primarily due to huge decline in vegetable prices with sowing practices by farmers undergoing a tectonic shift, aligning with better weather and technology forecasting,” SBI Research report authored by Group Chief Economic Adviser of State Bank of India Soumya Kanti Ghosh said.

“Against the evolving landscape, we see little incentive for further (repo) rate hike, with synchronised past actions on rate front yet to show the full impact,” it added.
In its fight against rising inflation, RBI had already hiked the key policy rate by 225 basis points since May 2022 to 6.25 per cent to cool off domestic retail inflation that stayed above its upper tolerance limit for nearly three quarters.
Raising interest rates typically cools demand in the economy, thereby putting a brake on inflation.

Also, Read: Santokh Singh Chaudhary Passes Away During Bharat Jodo Yatra

The latest hike was on December 7 last year, when the Monetary Policy Committee (MPC) of the RBI increased the policy repo rate by 35 basis points, besides deciding to remain focused on the “withdrawal of accommodation” of monetary policy to ensure that inflation remains within the target going forward, while supporting economic growth.
The next three-day RBI monetary policy meeting is scheduled for February 6-8.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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