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India lifts rate to pre-pandemic level to fight inflation
Bloomberg – India’s central bank delivered its third straight interest-rate increase since May in an effort to return inflation to target and fend off further attacks on the currency. Bond yields and the rupee rose.
The repurchase rate was raised by 50 basis points to 5.40% Friday, a level last seen before the Covid-19 pandemic, as forecast by 16 of 36 economists surveyed by Bloomberg. The Reserve Bank of India’s six-member rate-setting panel voted unanimously on the decision, while sticking with its resolve to withdraw accommodation.
Sovereign bonds declined after the hike, which most economists had expected to be less than a half-point. The 10-year yield rose 10 basis point to 7.26%. The rupee was up 0.5% at 79.0713 to a dollar.
“Inflationary pressures are broad based and core inflation remains elevated,” Governor Shaktikanta Das said in an address from Mumbai, adding that inflation is expected to remain above the tolerance level. The RBI targets inflation at 2%-6%.
Friday’s move mirrors the Federal Reserve-led global tightening of interest rates to rein in consumer-price gains, caused in part by supply snarls and energy price shocks following the war in Ukraine. Although global commodity prices are showing signs of softening, any immediate pass-through in India appears unlikely even as a weaker rupee and uneven monsoon rains cloud the outlook for prices.
“The MPC stressed that sustained high inflation could destabilize inflation expectations and harm growth in medium term,” Das said, while retaining the forecasts for economic as well as price growth for the current fiscal year.
RBI’s cautious view on inflation is justified on uncertainty on monsoon performance and sustainability of commodity price correction, said Anubhuti Sahay, Mumbai-based South Asia chief economist at Standard Chartered Plc. “We see terminal repo rate at 6% by end of 2022.”
Das said the RBI will remain watchful and maintain the stability of rupee. India’s currency fell nearly 7% year-to-date on foreign fund outflows and record trade deficit.
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Let us dispel the roots of greed, hatred, and delusion, and transform our lives into a nobel period that brings peace and serenity – PM
Prime Minister Dr Harini Amarasuriya in her Vesak day message called upon all Sri Lankans to dispel the roots of greed, hatred, and delusion, and transform their lives into a nobel period that brings peace and serenity
The Prime Ministers Vesak day message:
“It is an honor to extend Vesak day felicitations to all citizens of the nation during this sacred period in which lives are shaped in accordance with the noble teachings preached by Lord Buddha, and upholding the practice of Dhamma.
Just as the external world is illuminated by lanterns, this Vesak season should also be an opportunity to illuminate our own hearts with compassion, kindness, and wisdom. Let us dispel the roots of greed, hatred, and delusion, and transform our lives into a nobel period that brings peace and serenity.
“abhittharetha kalyāṇē” – Let us hasten towards the common good. The theme for this year’s State Vesak festival reflects the social needs of the present time. While eliminating narrow beliefs and mindsets, this Vesak festival should become a source of blessings and strength for us to build a nation dedicated to the common good and radiant with the values of the Dhamma.
Followed by the guidance of the Mahanayake Theros and the All Island Sasanarakshaka Mandalaya, I extend wishes for the State Vesak Festival, jointly organized by the Ministry of Buddhasasana, Religious and Cultural Affairs and the Ministry of Public Administration, Home Affairs, Provincial Councils and Local Government.
Through the deep bond that exists between the state and” Buddhism, the progress and prosperity of the country can be achieved through righteous governance. It is essential that we cultivate the patience needed to overcome the economic and social challenges we face as a nation, founded on the noble ideal of “May all beings be well, happy and at peace” where justice is ensured for all regardless of caste, race, or religion.
I respectfully invite all of you to join in celebrating an environmentally conscious and nature-friendly Vesak, walking the Middle Path. Let us move forward together towards a society grounded in principled conduct.
May everyone be blessed with a peaceful and meritorious Vesak!
News
Prime Minister and United Nations Resident Coordinator discuss post-Ditwah recovery and humanitarian cooperation
Prime Minister Dr. Harini Amarasuriya met with the United Nations Resident Coordinator in Sri Lanka, Marc-André Franche, at Temple Trees on Friday (29 May) to discuss post-Cyclone Ditwah recovery efforts and continued humanitarian cooperation between Sri Lanka and the United Nations.
Particular attention was drawn to the Humanitarian Priority Plan (HPP), launched in December 2025 to support communities affected by the cyclone. The initiative concluded on 30 April 2026 after providing humanitarian assistance to vulnerable populations across 25 districts through the collective efforts of 81 partner organizations.
The discussions highlighted the Government recognized the substantial international support mobilized through the HPP and noted the importance of sustained collaboration to ensure that recovery gains are maintained.
During the discussion the United Nations delegation formally presented the latest SRI LANKA Cyclone Ditwah Situation Report to the Prime Minister.
(Prime Minister’s Media Division)
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Further embrace the values of Buddhism founded upon non-violence, compassion and boundless loving-kindness towards all living beings – President
President Anura Kumara Dissanayake in his Vesak day message called upon all Sri Lankans to further embrace in their lives the values of Buddhism founded upon non-violence, compassion and boundless loving-kindness towards all living beings.
The full text of the Presidents message:
The Vesak festival, which commemorates the three pivotal milestones in the life of Lord Buddha: his birth, his attainment of enlightenment, and his passing (Nirvana), is the most sacred celebration for Buddhists across the world. The people of Sri Lanka, heirs to a proud culture enriched by Buddhist heritage, join Buddhists worldwide in devoutly observing this noble occasion.
Buddhism is the greatest philosophical teaching to have conveyed to the entire world a timeless and practical message of peace. The entirety of the Dhamma preached by the Gautama Buddha is founded upon the Four Sublime Virtues of loving-kindness, compassion, empathetic joy and equanimity.
Furthermore, peace, coexistence and reconciliation constitute the supreme teachings expounded not only by the Buddha but also by all enlightened teachers. Buddhism teaches that, in order to establish peace in the external world, inner spiritual peace within the individual must first be secured. We must recognise that this inward and peaceful approach, as advocated by Buddhism in guiding society towards collective noble objectives, is more relevant today than ever before. I believe that this was also the message brought to Sri Lanka recently by the Vietnamese monk Venerable Pannakara Thero, who undertook a pilgrimage on foot across the country.
Moreover, the celebration of Vesak is not merely a religious observance, but also a magnificent cultural festival that has, for thousands of years, reflected Sri Lankan identity, solidarity and artistic creativity. It is indisputable that the programmes organised alongside Vesak celebrations, giving prominence to acts of religious observance such as almsgiving, the observance of sil, meditation and Dhamma sermons, as well as the devotional offerings and festivities including dansals, Buddhist devotional songs, beautifully crafted lanterns and splendid pandals, greatly contribute towards fostering mutual understanding, reconciliation and coexistence among communities.
Inviting all people to further embrace in their lives the values of Buddhism founded upon non-violence, compassion and boundless loving-kindness towards all living beings, I extend my heartfelt wishes for a blessed Vesak festival in which all hearts may find peace, comfort and serenity through the soothing grace of the Dhamma.
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