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NEW DELHI: The government is expecting lower interest rates in the coming months as it looks at policy reversal by the Reserve Bank of India in the wake of moderation in inflation.

“… the fact that core inflation has moderated in the past three months and that in coming months we are looking at reversal in the policy rates should help in improving sentiments,” finance minister Pranab Mukherjee said while addressing the captains of industry in his post-Budget customary briefing.

RBI had raised the short-term lending (repo) rate 13 times between October 2010 and September 2011 in its bid to fight inflation. In all, the repo rate was increased by 3.75 percentage points.

The headline inflation remained high for most part of the year. It was only in December 2011 that it moderated to 8.3 per cent, and then to 6.6 per cent in January 2012, Mukherjee had said in the 2012-13 Budget speech.

Monthly food inflation declined from 20.2 per cent in February 2010, to 9.4 per cent in March 2011 and turned negative in January 2012, he had said.

“Though the February 2012 inflation figure has gone up marginally, I expect the headline inflation to moderate further in the next few months and remain stable thereafter,” he had said.

Meanwhile, Department of Financial Services secretary D K Mittal said, “RBI has reduced CRR by 1.25 per cent releasing Rs 80,000 crore to banks. The money was not earning any interest from RBI.”

In terms of what RBI has done there is strong downward bias on interest rate, Mittal said.

Earlier this month, RBI reduced the cash reserve ratio (CRR)– the portion of deposits banks require to keep with the central bank — from 5.5 per cent to 4.75 per cent. With the reduction, the central bank pumped in Rs 48,000 crore in the economy.

RBI reduced the cash reserve ratio (CRR)– the portion of deposits banks require to keep with the central bank — from 5.5 per cent to 4.75 per cent.

Outlining higher GDP growth as one of key objectives, the finance minister said, the government would ensure that inflation pressure remain at the moderate level of 6-7 per cent in 2012-13.

“Inflationary pressures need to be at a moderate level in the next financial year,” Mukherjee said, adding, “I am not talking about a 3-4 per cent inflation level; 6 to 6.5 per cent will be an acceptable level.”

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NEW DELHI: Sachin Tendulkar and Virat Kohli hit half-centuries to lead the Indian run chase against Pakistan in their Asia Cup clash at Shere Bangla National Stadium in Mirpur on Sunday.

Scorecard | Match in Pics | Asia Cup Stats | Asia Cup Schedule

Tendulkar reached his 96th ODI fifty off 45 balls with the help of a six and five fours.

Tendulkar and Kohli put up a 100-run stand off 92 balls after the early dismissal of Gautam Gambhir.

Kohli reached his 22nd half-century off 52 balls with the help of 6 hits to the fence.

The Indian run chase got off to a bad start as Mohammad Hafeez trapped Gambhir plumb in front of the wicket on the second ball.

Earlier, centuries by openers Nasir Jamshed and Mohammad Hafeez and a 34-ball 52 by Younis Khan powered Pakistan to 329/6.

Younis hit a 34-ball 52 before Suresh Raina took an amazing one-handed catch at short extra cover to dismiss him off Praveen Kumar.

Some brisk hitting by Younis brought up the Pakistan 300 in the 47th over.

Shahid Afridi managed to score 9 runs before Irfan Pathan had him caught by Virat Kohli at deep mid-wicket.

Praveen Kumar gave India the third breakthrough when he had Umar Akmal caught by Gautam Gambhir at short fine leg.

Akmal hit 2 fours in his 24-ball 28 before falling to Praveen.

Pakistan openers Nasir Jamshed and Mohammad Hafeez hit brilliant centuries before falling in successive overs.

R Ashwin broke Pakistan’s 224-run opening stand when he had Nasir Jamshed caught by Irfan Pathan at short third man.

Jamshed, who raced to his maiden ODI century off 98 balls, hit 112 runs off 104 balls and his knock was studded with a six and 10 fours.

Ashok Dinda then struck in the next over when he trapped Hafeez plumb in front of the wicket off a slower delivery.

Hafeez’s 105 came off 113 balls with the help of a six and 9 fours.

Hafeez’s fourth century, his first against India, came off 103 balls.

Hafeez and Jamshed brought up the Pakistan 200 in the 33rd over and the 100-run stand came in the 18th over.

So listless was the Indian bowling that captain MS Dhoni had used seven bowlers in 17 overs, without any success.

The stand came after Pakistan captain Misbah-ul-Haq won the toss and chose to bat.

India made one change in their playing eleven, replacing injured Ravindra Jadeja with Yusuf Pathan, while Pakistan brought Wahab Riaz in place of Sarfraz Ahmed.

Teams:

India: Gautam Gambhir, Sachin Tendulkar, Virat Kohli, Suresh Raina, Rohit Sharma, MS Dhoni (capt wk), Yusuf Pathan, Irfan Pathan, Ravichandran Ashwin, Praveen Kumar, Ashok Dinda.

Pakistan: Mohammad Hafeez, Nasir Jamshed, Younis Khan, Misbah-ul-Haq (capt), Umar Akmal (wk), Hammad Azam, Shahid Afridi, Umar Gul, Saeed Ajmal, Aizaz Cheema, Wahab Riaz

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BHUBANESWAR/NEW DELHI: India on Sunday informed Italy of the efforts being made by the Odisha government for early release of two Italian nationals who were taken hostage by Maoists as External Affairs Minister SM Krishna spoke to chief minister Naveen Patnaik about the evolving situation.

Patnaik informed Krishna of the ongoing efforts being made by his government for an early release of the abducted Italian nationals.

“Two Italians have been abducted by Maoists. It happened Saturday,” Odisha home secretary UN Behera told reporters on Sunday.

Maoists, in an audio message sent to the local media in the wee hours of Sunday, said the tourists were kidnapped at the border of Ganjam and communally sensitive Kandhamal district. They demanded that the government stop combing operations and fulfil their demands.

India was quick to get in touch with Italy over the incident which comes at a time when the ties between the two countries have come under stress due to the impasse over the killing of two Indian fishermen by two Italian marines off the Kerala coast over a month ago.

“India informs Italy of efforts being made by Odisha government for release of two kidnapped Italian nationals,” Syed Akbaruddin, spokesperson of the external affairs ministry, tweeted on the microblogging site.

“MEA is in contact with Italy to facilitate assistance through concerned Indian agencies in case involving 2 Italian tourists kidnapped in Odisha.”

Italian Consul Joel Melchiori also met Behra and voiced concern. “We are concerned about abduction but hopeful of their release. We will issue advisory to our nationals not to venture into such dangerous areas.”

Patnaik, who reviewed the situation with top police and administrative officials, has appealed to the Maoists to release the two Italians and hold a dialogue with the government.

Describing the abduction as unacceptable, Patnaik said the tourists should be released on humanitarian grounds. Patnaik is expected to hold another meeting of top officials later in the day to deal with the situation.

A Maoist calling himself Sabyasachi Panda said in the audio message, “We have imprisoned two Italian tourists.” He said they would be released only after the government stopped anti-rebel operations and initiated dialogue with them.

“If the government wants to see them free, it should halt combing operations. We also want the government to fulfil a charter of 13 demands it had promised last year,” he said.

Kandhamal district collector Rajesh Prabhakar Patil said the tourists were abducted from Daringbadi area of the district.

According to a local television channel report, both the tourists were men and were picked up by the rebels while roaming inside the forest, taking photographs of some tribal women.

Maoists are active in more than half of the state’s 30 districts and the district of Kandhamal is considered a stronghold.

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NEW DELHI: Pakistan skipper Misbah-ul-Haq won the toss and decided to bat in their last Asia Cup league match against arch-rivals India at Shere Bangla National Stadium in Mirpur.

Scorecard | Asia Cup Points Table | Asia Cup Stats | Asia Cup Schedule

India made one change in their playing eleven, replacing injured Ravindra Jadeja with Yusuf Pathan, while Pakistan brought Wahab Riaz in place of Sarfraz Ahmed.

For Team India, it was supposed to be a stage rehearsal for the final, but not anymore. A defeat against Bangladesh has come as a shock for MS Dhoni and his boys and now they are up against a resurgent Pakistan looking for revenge.

Pakistan have already secured a berth in the final with victories over Bangladesh and Sri Lanka and will be under less pressure unlike the Indians.

It’s the Pakistan bowling attack that is making them look formidable in this tournament. Umar Gul is the spearhead with some decent back-up in the form of Aizaz Cheema, who won the Man of the Match award against Sri Lanka.

The Indians, on the other hand, have to quickly sort out their bowling woes as any mistake could see the team bowing out of the tournament.

The teams have met in two crucial encounters in the last two years (World Cup semifinal in 2011 and Asia Cup in 2010), and India have triumphed on both occasions. But this time, Pakistan hold the aces.

Teams:

India: Mahendra Singh Dhoni (capt), Virat Kohli, Gautam Gambhir, Sachin Tendulkar, Suresh Raina, Rohit Sharma, Ravichandran Ashwin, Ashok Dinda, Praveen Kumar, Irfan Pathan, Yusuf Pathan.

Pakistan: Mohammad Hafeez, Nasir Jamshed, Younis Khan, Misbah-ul-Haq (capt), Umar Akmal (wk), Hammad Azam, Shahid Afridi, Umar Gul, Saeed Ajmal, Aizaz Cheema, Wahab Riaz

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