Mumbai Mar 21 PTI There is no prospect of the economy falling into a stagflation vortex and retail inflation is expected to moderate going forward Reserve Bank Governor Shaktikanta Das said on Monday notwithstanding fears of imported inflation given the massive spike in commodity prices especially crude oil after Russia invaded Ukraine last month Already retail inflation has risen to 607 per cent in February crossing the upper band of the Parliamentary mandate This is the second consecutive month in 2022 when retail inflation has crossed the 6 per cent mark having hit 601 per cent in January The previous high was 626 per cent in June 2021 There is no prospect of the economy falling into a stagflation vortex Das told an industry gathering organised by the CII here this evening He was also quick to add that he expects retail inflation to moderate going forward Stagflation or recession-inflation is a situation in which prices rise too high but the economy slows or falls into a recession like situation and also unemployment jumps In a similar manner the governor also expects the rupee to remain stable The rupee has been the worst performer among the emerging market peers since Russias invasion of Ukraine and plunged to a low of 7727 early this month Analysts expect it to test 78 to a dollar by June if the war escalates or lingers on According to the latest RBI data the central bank defended the rupee vigorously earlier this month by selling close to USD 10 billion from the reserves making it the highest forex intervention by the monetary authority in a decade Under the agreement with the government the Reserve Bank has to ensure that CPI inflation remains at 4 per cent with a margin of 2 per cent on either side Similarly wholesale price inflation in February rose to 1311 per cent on hardening of prices of crude and non-food items even though food articles softened According to the CPI data the rate of price rise in the food basket was 589 per cent in February up from 543 per cent in the preceding month In the food basket inflation in cereals moved up to 395 per cent meat and fish to 745 per cent while for eggs the rate of price rise was 415 per cent during the month The RBI has retained the retail inflation projection for FY22 at 53 per cent with March quarter at 57 per cent on account of unfavourable base effect The central bank has projected retail inflation for FY23 at 45 per cent PTI HV BEN MR MR

New Delhi Feb 27 PTI Prime Minister Narendra Modi chaired a high-level meeting on the Ukraine crisis on Sunday and asserted that ensuring the safety of Indian students and evacuating them is the governments top priority official sources saidIt was also decided at the meeting to further enhance cooperation with the neighbouring countries of Ukraine to expedite the evacuation of Indian students they saidExternal Affairs Minister S Jaishankar was part of the meeting which was also attended by top government officials including National Security Advisor NSA Ajit Doval The meeting lasted for over two hours the sources saidModi presided over the meeting immediately upon his return from Uttar Pradesh where he addressed public meetings as part of the Bharatiya Janata Partys BJP campaign for the state Assembly pollsA large number of Indians mostly students are stranded in Ukraine following Russias attack on the country India has begun evacuating them and over 900 people have been brought back since SaturdayModi has also spoken to Russian President Vladimir Putin and Ukrainian leader Volodymyr Zelensky with India calling for dialogue to defuse the crisis PTI KR RC

New Delhi Feb 27 PTI Prime Minister Narendra Modi held a high-level meeting on the Ukraine crisis on Sunday official sources said External Affairs Minister S Jaishankar was part of the meeting which was also attended by top government officials Modi presided over the meeting immediately upon his return from Uttar Pradesh where he addressed rallies as part of the BJPs campaign for the state assembly polls A large number of Indians mostly students are stranded in Ukraine following Russias attack on the country India has begun evacuating them and over 900 people have been brought back since Saturday Modi has also spoken to Russian President Vladimir Putin and Ukrainian leader Volodymyr Zelensky with India calling for dialogue to defuse the crisis PTI KR RT

New Delhi Feb 27 PTI Prime Minister Narendra Modi will hold a high-level meeting on the Ukraine crisis on Sunday official sources said He is expected to preside over the meeting immediately upon his return from Uttar Pradesh where he addressed rallies as part of the BJPs campaign for the state assembly polls A large number of Indians mostly students have been stuck in Ukraine following Russias attack on the country India has begun evacuating them and over 900 people have been brought back since Saturday Modi has also spoken to Russian President Vladimir Putin and Ukrainian leader Volodymyr Zelensky with India calling for dialogue to defuse the crisis PTI KR RT RT

New Delhi Feb 26 PTI By abstaining from a UN Security Council resolution on the Ukraine crisis India retained the option of reaching out to all relevant sides to find a middle ground and foster dialogue and diplomacy official sources said on Saturday Russia vetoed the resolution that asked Moscow to immediately stop its attack on Ukraine and withdraw all troops The sources said India has been deeply disturbed by the recent turn of developments in Ukraine and maintained its consistent steadfast and balanced position on the matter that dialogue is the only answer to settle differences and disputes They said India has been in touch with all sides urging parties concerned to return to the negotiating table The UNSC draft resolution deplored in the strongest terms Russias aggression against Ukraine and demanded that Russia immediately stop its attack on Ukraine and withdraw all its troops While abstaining from the voting India issued an Explanation of Vote after the vote in which it called for return to the path of diplomacy The sources said India called for respecting the sovereignty and territorial integrity of the state and pitched for an immediate cessation of violence and hostilities They said India called on all member states to honour principles of international law and the UN Charter as these provide a constructive way forward PTI MPB AQS AQS

New Delhi Feb 25 PTI Ahead of the crucial vote at the UN Security Council on the Russian attack on Ukraine the countrys Foreign Minister Dmytro Kuleba on Friday spoke to External Affairs Minister S Jaishankar and shared his assessment of the current situation in UkraineJaishankar said he emphasised that India supports diplomacy and dialogue as the way outReceived call from Ukrainian FM DmytroKuleba He shared his assessment of the current situationI emphasised that India supports diplomacy dialogue as the way out Jaishankar tweetedDiscussed predicament of Indian nationals including students Appreciate his support for their safe return he addedThe UN Security Council is scheduled to vote on Friday evening on a draft resolution on Russias military operation in Ukraine as well as the escalating situation in the eastern European countryThe draft resolution is set to condemn in the strongest terms Russias military operation in Ukraine that has triggered strong outrage by the Western powersWhen asked at a media briefing on Thursday about Indias position on the draft UN Security resolution on the Ukraine crisis Foreign Secretary Harsh Vardhan Shringla said India has seen it and that New Delhis stand will depend on the final shape of its textI am told that that would undergo considerable changes We will wait to see the shape that the resolution takes before we can pronounce ourselves and the position that we will take on the issue he saidIn the midst of the escalating situation in Ukraine Prime Minister Narendra Modi held a telephonic conversation with President Vladimir Putin on Thursday during which he appealed for ending violence and called for concerted efforts from all sides to return to the path of diplomatic dialogueJaishankar too held a phone conversation with his Russian counterpart Sergey Lavrov and underlined that dialogue and diplomacy are the best way forward to deal with the crisis PTI MPB TIR TIR

Mumbai Feb 25 PTI The rupee appreciated by 27 paise to close at 7533 against the US dollar on Friday in line with regional currencies following a retreat in crude oil prices and a rebound in domestic equities At the interbank forex market the local unit opened at 7531 against the greenback and witnessed an intra-day high of 7518 and a low of 7546 The rupee finally ended at 7533 registering a gain of 27 paise over its previous close On Thursday the rupee had tanked 99 paise to close at 7560 against the US dollar as riskier assets took a hit after Russia launched military operations against Ukraine Meanwhile European Union leaders are putting up a united front and have agreed on a second package of economic and financial sanctions against Russia The dollar index which measures the greenbacks strength against a basket of six currencies inched up 001 per cent to 9714 Brent crude futures the global oil benchmark was trading 107 per cent higher at USD 10014 per barrel Calmness returned to forex markets as participants assessed the fallout of Russias invasion of Ukraine and focused shifted back to Federal Reserve Weaker-than-expected US sanctions on Russia supported market sentiment said Dilip Parmar Research Analyst HDFC Securities Rupee in line with regional currencies gained following a retreat in crude oil prices from an eight-year high along with rebound in domestic equities However the bias for spot USD-INR remains bullish as long as it holds 7480 while on the higher side 7575 becomes the biggest hurdle Parmar said On the domestic equity market front the BSE Sensex ended 132861 points or 244 per cent higher at 5585852 while the broader NSE Nifty surged 41045 points or 253 per cent to 1665840 Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 644824 crore as per stock exchange data On Friday volatility remained low as market participants remained on the sidelines and waited for more clarity on the ongoing tension between Russia and Ukraine From the US focus will be on the core PCE index number and a higher number could support the dollar at lower levels We expect the USD-INR Spot to trade sideways with a positive bias and quote in the range of 7540 and 7605 said Gaurang Somaiya Forex and Bullion Analyst Motilal Oswal Financial Services According to Sriram Iyer Senior Research Analyst at Reliance Securities the rupee appreciated against the US dollar tracking the strength of regional currencies and equities On a weekly basis the rupee has depreciated 67 paise against the American currency as oil prices spiked following Russias invasion of Ukraine The Rupee also took cues from weak domestic equities which fell for the third consecutive week due to continuous selling pressure from foreign investors Iyer noted PTI DRR DRR ABM ABM

New Delhi Feb 25 PTI The Left parties on Friday condemned Russias military action against Ukraine but defended Moscows right to demand security guarantees amid efforts to induct the country it shares a border with into NATOThe CPIM issued a statement saying there should be an immediate cessation of armed hostilitiesAfter the dissolution of the Soviet Union the United States-led NATO has been steadily expanding eastward contrary to the assurance given to Russia The efforts to get Ukraine to join NATO would pose a direct threat to Russias security it saidRussia is also concerned about its security due to the threat posed by the presence of NATO forces and missiles at its borders in eastern Europe Hence the Russian demand for security guarantees including Ukraine not joining NATO is legitimate the CPIM statement saidIt further stated that the refusal by the US and NATO to meet the Russian security needs and the belligerence of the US in sending troops to the region have further escalated tensionsFor peace to be established the genuine concerns of all the peoples including of the Donbass region in eastern Ukraine should be addressed The process of negotiations should be restarted and the earlier agreements reached by both the parties should be adhered toThe CPIM urges the Indian government to immediately take steps to ensure the safety of the thousands of Indian citizens mainly students stranded in Ukraine and undertake measures to evacuate all Indian citizens it saidThe CPI too adhered to a similar line and said that while it stood by its uncompromising position that war is not the solution for any geo-political conflict in any part of the world the move to include Ukraine into NATO would be a threat to world peaceThey could be solved only through peaceful means and meaningful dialogue The CPI is of the opinion that the US move to expand NATO to the East and any part of the world would be an eternal threat to world peace CPI urges the government of India to do everything possible to ensure the safety of all Indian citizens living in Ukraine The authorities of Indian missions in the region need to be asked to take up this issue with utmost urgency it said in a separate statementCPI MP Binoy Viswam has also written to the Ministry of External Affairs seeking its intervention to ensure the safe return of hundreds of Indians who are stranded in UkraineThe government must be aware that more than 20000 Indians reside in Ukraine including students With the break out of military operation in Ukraine the measures taken by the Indian government need to stepped up While many have managed to return several are stuckWith the Ukranian airspace being closed to civilian flights I urge the government that every option should be explored for the emergency evacuation of Indian nationals including the rail and road methods he said in the letterRussias invasion of Ukraine began on Thursday following weeks of high tension PTI ASG IJT

New Delhi Feb 25 PTI The heads of missions of European countries in India expressed solidarity with their Ukrainian counterpart on Friday strongly condemning Russias unprovoked and unjustified military attack on UkraineThe envoys held a meeting here and extended their full support to UkraineAmbassador of the European Union to India and Bhutan Ugo Astuto said the EU and its member states stand in solidarity with the Ukrainian Ambassador to India Igor PolikhaHeads of Mission of the EU its Member States stand in solidarity with Ukraine Ambassador EU condemns in the strongest possible terms the Russian Federations unprovoked unjustified military attack EU is united in its solidarity with Ukraine its people Astuto said in a tweetThe EU ambassador said What is at stake is the stability of Europe and the whole international order The 27-nation EU has condemned the Russian attack on Ukraine and said President Vladimir Putin is responsible for bringing the war back to EuropeWe condemn this barbaric attack and the cynical arguments used to justify it President Putin is responsible for bringing the war back to Europe said Ursula von der Leyen the President of the European CommissionIn these dark hours the European Union stands together with Ukraine and its people What we are facing is an unprecedented act of aggression by the Russian leadership against a sovereign independent country she said PTI MPB RC

Ahmedabad Feb 25 PTI Nearly 2500 students from Gujarat are stranded in Ukraine amid Russias military operation a state minister said on Friday Talking to reporters Education Minister Jitu Vaghani said Chief Minister Bhupendra Patel has been in touch with the Centre to ensure the safe return of the stranded students to the state The opposition Congress targeted the BJP government in the state accusing it of inaction and delay in evacuating students and other Indian citizens stuck in the eastern European country while the ruling party said the Centre is doing everything possible for the safe return of the Indians including the students from the state Nearly 2500 students from Gujarat are in Ukraine at present The Indian government has been concerned about all its citizens since the very beginning CM Bhupendra Patel is in constant touch with External Affairs Minister S Jaishankar and the Prime Ministers Office to ensure safe return of Gujarati students and other citizens from the state who are based in different parts of Ukraine Vaghani said He said that as instructed by the chief minister state Chief Secretary Pankaj Kumar spoke to the Foreign Secretary on Thursday and the state government has also opened a control room to provide guidance and information about the latest situation in Ukraine Apart from the contact numbers provided by the Centre people living in Gujarat can dial 079-23251900 to seek any information or help I urge people stuck in Ukraine to be in touch with the Indian Embassy I am confident that the Indian government will find a way to evacuate Indians just like we did in the past the minister said Unhappy with the Centres response to the crisis Congress spokesperson Shaktisinh Gohil on Friday asked the Modi government to come out of the election mode The Congress had asked the Centre to start the process of evacuation a week ago But it did nothing The BJP government should come out of the election mode and think about those who are still stranded As an alternative to the air route we can evacuate Indians by shifting them to European countries using roads Gohil said Several students from Gujarat who are studying in Ukraine have been making desperate appeal for evacuation for the last few days Russian forces on Thursday launched a military operation against Ukraine following weeks of tension between the two neighbouring countries PTI PJT PD ARU NP NP