Growth slowdown: Why lay a deeper economic malaise at RBI’s door?
3 months, 2 weeks ago

Growth slowdown: Why lay a deeper economic malaise at RBI’s door?

Live Mint  

Chapter 16 in the Book of Leviticus, Old Testament, enjoins Aaron to organize sacrifices and expiate the sins of all Israelites. Various ministers, government officials and sundry industry representatives have been hinting at RBI culpability in India’s economic slowdown and have called upon its monetary policy committee to cut rates in support of growth. The debate began with this year’s Economic Survey claiming that the flexible inflation targeting framework should not target headline inflation, but instead focus on inflation that excludes food prices. Interestingly, the outgoing RBI governor Shaktikanta Das summoned some empathy for the mythical goat during his farewell press conference: “Growth is impacted by a multiplicity of factors, not just repo rate." The added tragedy is that RBI officials have chosen to fashion recent central-bank reports as plugs on government economic administration, instead of speaking the truth to fiscal authorities about the slowdown.

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History of this topic

RBI likely to maintain rate-cut cycle amid global growth challenges and inflation fall, finds HDFC MF report
3 days, 14 hours ago

RBI likely to maintain rate-cut cycle amid global growth challenges and inflation fall, finds HDFC MF report

Live Mint  

India's central bank is likely to continue its rate cut cycle amid global growth challenges and inflation reaching within target levels, according to an HDFC Mutual Fund report. The Reserve Bank of India's repo rate cuts are expected to continue as risk of headwinds in global growth looms large, especially due to the economic conditions in the United States, it …

Message to RBI in inflation numbers
1 week, 6 days ago

Message to RBI in inflation numbers

Hindustan Times  

February’s inflation number of 3.6% is better than what most analysts expected it to be. PREMIUM Barring any large supply-side shocks in the food economy, analysts believe inflation should be close to RBI’s target in the next fiscal year which will begin from April What is the larger message behind the inflation numbers? Barring any large supply-side shocks in the …

Declining Inflation Sets The Stage For Stronger GDP Growth; Here's How
2 weeks, 2 days ago

Declining Inflation Sets The Stage For Stronger GDP Growth; Here's How

ABP News  

The decline in retail inflation to a level that is below the RBI’s targeted level of 4 per cent is expected to pave the way for accelerating GDP growth ahead as it provides the central bank with more headroom to cut interest rates and expand liquidity to spur economic activity and create more jobs. Similarly, a Crisil report states that …

Mint Quick Edit | Inflation: In RBI’s control at last?
2 weeks, 2 days ago

Mint Quick Edit | Inflation: In RBI’s control at last?

Live Mint  

Retail inflation in February eased to under the Reserve Bank of India ’s 4% target for the first time in six months, government data released on Wednesday showed. Policymakers at RBI would be heaving a sigh of relief, as the drop seems to validate their decision to cut interest rates last month in anticipation of a price cool-off. With concerns …

Mint Quick Edit | Inflation: In RBI’s control at last?
2 weeks, 2 days ago

Mint Quick Edit | Inflation: In RBI’s control at last?

Live Mint  

In January 2025, inflation was almost 4.3%. Policymakers at RBI would be heaving a sigh of relief, as the drop seems to validate their decision to cut interest rates last month in anticipation of a price cool-off. With concerns of economic growth having mounted, RBI’s next decision due in April could confirm a pivot away from inflation control to a …

Realign policies of RBI to changing economic realities
2 weeks, 6 days ago

Realign policies of RBI to changing economic realities

New Indian Express  

Under the new leadership, the Reserve Bank of India is ‘undoing’ some of the measures taken during the previous regime to allow the banking system to breathe easy. By the time Sanjay Malhotra took the reins of the central bank from Shaktikanta Das in December last year, India’s growth had slowed down to 5.6 percent, and the equity market was …

Kaushik Das: Expect another RBI rate cut in support of economic growth
3 weeks, 6 days ago

Kaushik Das: Expect another RBI rate cut in support of economic growth

Live Mint  

In a widely anticipated move to balance the objectives of growth and inflation, the Reserve Bank of India reduced its repo rate by 25 basis points to 6.25% at the 7 February meeting of its Monetary Policy Committee, which voted unanimously for this cut. Looking ahead, RBI is expected to deliver another 25-bps rate cut in its April policy review, …

RBI MPC minutes: Nagesh Kumar targeted 50 bps rate cut amid economy slowdown, but…
1 month, 1 week ago

RBI MPC minutes: Nagesh Kumar targeted 50 bps rate cut amid economy slowdown, but…

Live Mint  

Reserve Bank of India Monetary Policy Committee member Dr. Nagesh Kumar was keen on opting for a 50 basis point rate cut given the economic slowdown, but ultimately voted for a 25 bps cut due to global uncertainties, revealed the MPC meeting minutes released on Friday. In his RBI MPC statement, Kumar, an external member of the committee, said the …

RBI MPC Minutes: Inflation moderate in near-term, global trade policies pose risk to growth outlook; 5 key highlights
1 month, 1 week ago

RBI MPC Minutes: Inflation moderate in near-term, global trade policies pose risk to growth outlook; 5 key highlights

Live Mint  

The Reserve Bank of India released the minutes of the Monetary Policy Committee meeting on Friday, February 21, highlighting that India's repo rate reduction was an appropriate policy response, with retail inflation moving towards the central bank's four per cent target. In his maiden monetary policy review, RBI Governor Malhotra expressed an optimistic outlook for India’s economic growth, saying the …

India’s Economic Growth Set to Pick Up Pace, RBI Says
1 month, 1 week ago

India’s Economic Growth Set to Pick Up Pace, RBI Says

Live Mint  

-- India’s economy has recovered its lost momentum and consumption demand may improve on the back of moderating inflation and tax relief, the Reserve Bank of India said in its monthly bulletin. According to the RBI report, robust monsoon-sown crop and better winter sowing, along with higher reservoir levels, “augur well for food inflation going forward.” But uncertainty in global …

Trade-related policies to stroke inflation, heighten market turbulence: RBI Bulletin
1 month, 1 week ago

Trade-related policies to stroke inflation, heighten market turbulence: RBI Bulletin

The Hindu  

The near-term outlook of the global economy is being shaped by trade-related policies of major economies amid slowing pace of disinflation and these policies could stoke inflation, engender tighter financial conditions, and heighten market turbulence, Reserve Bank of India officials said in the February edition of RBI Bulletin released on Wednesday. However in India, high frequency indicators point towards a …

Indian economy to pick momentum in H2FY25 amid tax relief, interest rate cuts: RBI Bulletin
1 month, 1 week ago

Indian economy to pick momentum in H2FY25 amid tax relief, interest rate cuts: RBI Bulletin

Live Mint  

The Indian economy will likely get a boost from the pick-up in rural demand and the income tax relief announced in the Union Budget 2025, which is expected to support urban consumption amid interest rate cuts. The Reserve Bank of India highlighted in its monthly economic bulletin on Wednesday, February 19, that India's urban consumption is “poised for a recovery.” …

RBI’s first rate cut in five years is small but can be effective
1 month, 2 weeks ago

RBI’s first rate cut in five years is small but can be effective

Live Mint  

Last week’s monetary policy meeting has several firsts to its credit: It was the first of 2025, the first under a new governor of the Reserve Bank of India, the first since Donald Trump became US president, and the first in five years to cut the repo rate. The result is that the RBI’s operational target—the call money rate, or …

Monetary policy: Surely, a rate cut could’ve waited for some clarity to emerge
1 month, 2 weeks ago

Monetary policy: Surely, a rate cut could’ve waited for some clarity to emerge

Live Mint  

Even in the otherwise arcane world of central banks, where rules have long displaced discretion and legislated mandates are the order of the day. How else can one explain the difference in policy outcomes at the February 2025 meeting of the Reserve Bank of India’s Monetary Policy Committee vis-à-vis its earlier meeting in December 2024? After the shift to ‘flexible …

Is private investment expected to rise? | Explained
1 month, 3 weeks ago

Is private investment expected to rise? | Explained

The Hindu  

The story so far: With the government providing a tax stimulus through income tax breaks to boost consumer spending and the RBI cutting interest rates for the first time in nearly five years, Finance Minister Nirmala Sitharaman on Saturday said she was quite optimistic of the tide turning on private investments in the months to come. So, there is a …

RBI in sync with government on growth focus, says Sitharaman
1 month, 3 weeks ago

RBI in sync with government on growth focus, says Sitharaman

The Hindu  

With the Reserve Bank of India following up the Union Budget’s demand stimulus for the slowing economy with a long-awaited interest rate cut, Finance Minister Nirmala Sitharaman said on Saturday that fiscal and monetary policy working in harmony to spur growth impulses, should yield a bigger boost to the economy. The government expected India’s tepid private investment trends to reverse, …

Fiscal and monetary measures to boost consumption, private investment says FM
1 month, 3 weeks ago

Fiscal and monetary measures to boost consumption, private investment says FM

The Hindu  

Finance Minister Nirmala Sitharaman on Saturday said, “Fiscal and monetary measures announced recently will help boost consumption and promote private investment.” The Budget presented by the Finance Minister on February 1 proposed a slew of measures including significant income tax cuts for the middle class. On the monetary side, the Reserve Bank of India on Friday slashed the policy rate …

RBI Governor Sanjay Malhotra targets ‘investor-friendly’ India: How will the rate cut impact sluggish growth?
1 month, 3 weeks ago

RBI Governor Sanjay Malhotra targets ‘investor-friendly’ India: How will the rate cut impact sluggish growth?

Live Mint  

The Reserve Bank of India Governor Sanjay Malhotra said on Saturday, February 8, that the central bank aims to make India more investor-friendly, and the rates cuts are set to support growth and consumption in the nation, PTI reported. The Reserve Bank of India on February 7 announced a 25-basis-points rate cut to 6.25 per cent, to fuel the growth …

Private investment cycle to gain momentum post consumption boost in budget, RBI rate cut: FM Sitharaman
1 month, 3 weeks ago

Private investment cycle to gain momentum post consumption boost in budget, RBI rate cut: FM Sitharaman

Live Mint  

Private investment in India is expected to pick up, driven by the consumption boost from recent tax cuts in the Union budget and the Reserve Bank of India’s latest rate cut, finance minister Nirmala Sitharaman said on Saturday. Addressing a press conference after her customary address to the RBI’s central board of directors, Sitharaman said that she anticipates a revival …

DC Edit | RBI focuses on growth, takes a calculated risk
1 month, 3 weeks ago

DC Edit | RBI focuses on growth, takes a calculated risk

Deccan Chronicle  

With global uncertainties making India’s growth trajectory unclear, the Reserve Bank of India appears to have concentrated its focus on boosting growth rate under its new governor Sanjay Malhotra. As part of this agenda, the RBI led Monetary Policy Committee slashed repo rate by 25 basis points to 6.25 per cent. Malhotra, who is a career bureaucrat like Shaktikanta Das, …

RBI Monetary Policy: Is the rate cut a growth pill to boost demand? Here’s what it means for the Indian economy
Trending News
1 month, 3 weeks ago

RBI Monetary Policy: Is the rate cut a growth pill to boost demand? Here’s what it means for the Indian economy

Live Mint  

The Monetary Policy Committee of the Reserve Bank of India, led by Governor Sanjay Malhotra, has proposed a new repo rate of 6.25%. "Since the budget has proposed measures to propel domestic consumption and higher government capex, this rate reduction from RBI would further support growth," industry lobby grouping IBA's chairman M V Rao said in a statement. "Though additional …

RBI kicks off rate cut cycle—what it means for borrowers and markets
1 month, 3 weeks ago

RBI kicks off rate cut cycle—what it means for borrowers and markets

Live Mint  

The long-awaited policy rate easing by the Reserve Bank of India is finally here. Meanwhile, GDP growth, at 5.4% in the July–September 2024 quarter, is estimated at 6.5% for the full fiscal year—below India’s potential growth rate, warranting monetary support. The RBI is also introducing forward contracts in government securities, enabling long-term investors like insurance funds to better manage interest …

RBI's rate cut sets stage for further easing of interest rates in near term: India Inc
1 month, 3 weeks ago

RBI's rate cut sets stage for further easing of interest rates in near term: India Inc

The Hindu  

India Inc. welcomed the Reserve Bank of India’s move to slash the benchmark interest rate for the first time in nearly five years on Friday and asserted that it will complement the consumption-boosting measures announced in the last week’s Budget, providing much-needed support to the economy. Industry bodies were of the view that the Reserve Bank's 25 basis points rate …

RBI MPC meeting 2025: RBI projects 6.7% growth for FY’26 on better Rabi harvest, tax relief by govt
1 month, 3 weeks ago

RBI MPC meeting 2025: RBI projects 6.7% growth for FY’26 on better Rabi harvest, tax relief by govt

The Hindu  

Reserve Bank on Friday projected the growth rate for the upcoming financial year at 6.7%, up from 6.4% estimated for the current fiscal ending March. Healthy Rabi prospects and an expected recovery in industrial activity should support economic growth in 2025-26, RBI Governor Sanjay Malhotra said while announcing his first bi-monthly monetary policy for the current fiscal. Finance Minister Nirmala …

RBI Monetary Policy: Governor Sanjay Malhotra delivers 25 bps rate cut for first time in 5 years; 5 key takeaways
1 month, 3 weeks ago

RBI Monetary Policy: Governor Sanjay Malhotra delivers 25 bps rate cut for first time in 5 years; 5 key takeaways

Live Mint  

RBI Monetary Policy: In line with market expectations, the Reserve Bank of India Monetary Policy Committee decided to cut the repo rate by 25 bps for the first time in nearly five years and keep the monetary stance "neutral." “The MPC decided unanimously to reduce the policy repo rate by 25 basis points from 6.50 per cent to 6.25 per …

Budget done. Over to RBI now.
1 month, 4 weeks ago

Budget done. Over to RBI now.

Live Mint  

Mumbai: After finance minister Nirmala Sitharaman delivered a consumption-supporting budget, the ball is now in the Reserve Bank of India's court to deliver the last-mile push to growth with a rate cut next week. Rate cut expectations rise Economists expect RBI to cut the repo rate by 25 basis points on 7 February when the Monetary Policy Committee completes its …

Banks struggle with margin pressure as loan growth slows amid high interest rates: S&P Global
1 month, 4 weeks ago

Banks struggle with margin pressure as loan growth slows amid high interest rates: S&P Global

Live Mint  

Indian banks and prominent financial institutions are facing margin pressure according to S&P Global Market Intelligence, as detailed in a report by ANI. The report further elaborated that loan growth in six of India's biggest banks on an aggregate basis is expected to decline to 12.3% in the fiscal year closing March 31, 2025. The market intelligence report elaborated that: …

Growth, inflation, financial stability: It’s a season of major trade-offs for India’s policymakers
2 months ago

Growth, inflation, financial stability: It’s a season of major trade-offs for India’s policymakers

Live Mint  

For India, the January-March quarter is a critical period marked by major data releases, key policy decisions, and significant documents. An RBI study warned that persistently high food prices could unanchor inflation expectations unless countered by monetary policy measures. But therein lies the dilemma: tightening monetary policy could help control inflation expectations but at the cost of slowing an already …

RBI must weigh its monetary policy options carefully under conditions of high uncertainty
2 months ago

RBI must weigh its monetary policy options carefully under conditions of high uncertainty

Live Mint  

The end of the killing and destruction in Gaza, the Hezbollah-Israel peace deal in Lebanon and the regime change in Syria have considerably eased tensions in West Asia. Such a slowdown in the world’s largest and second-largest economies will hurt global growth, calling for expansionary macroeconomic policies and lower interest rates around the world. India’s recent growth-inflation dynamics and monetary …

Disappointing GDP growth numbers indicate a slowdown in the economy, says Congress
2 months, 1 week ago

Disappointing GDP growth numbers indicate a slowdown in the economy, says Congress

The Hindu  

The “disappointing” growth numbers in the second quarter of the gross domestic product are not a blip but a clear indication of a slowdown in the economy, the Congress said on Wednesday. “It is becoming clear that the disappointing Q2 GDP growth numbers aren’t a blip but a clear slowdown in the economy. Quoting the piece, Mr. Ramesh said the …

Capital markets to watch budget balance between fiscal deficit and spending
Trending News
2 months, 1 week ago

Capital markets to watch budget balance between fiscal deficit and spending

Live Mint  

India’s market participants will watch the upcoming Union Budget for 2025-26 for proposals to boost consumption while continuing on the patch of fiscal consolidation as the economy grapples with a slowdown. The expectations from finance minister Nirmala Sitharaman’s eight budget are centered around potential reforms and fiscal measures that could boost various sectors and maintain India's growth momentum, said Dhiraj …

Mint Quick Edit | Inflation is down: Will interest rates follow?
2 months, 2 weeks ago

Mint Quick Edit | Inflation is down: Will interest rates follow?

Live Mint  

With inflation a bugbear for policymakers, it’ll be a relief that the year-end saw price pressures ease, even if only a bit. Government data released on Monday showed that India’s consumer price index rose 5.2% from a year earlier in December, slower than the 5.5% rise in November. Though it’s still above the 4% central target being pursued by the …

Fiscal tightness may further slow down economy
2 months, 2 weeks ago

Fiscal tightness may further slow down economy

New Indian Express  

India’s real GDP growth rate is pegged at a four-year-low of 6.4 percent for 2024-25, weighed down by a likely decline in manufacturing and investments. They are far below the 8.2 percent growth seen last fiscal, lower than the Economic Survey’s 6.5-7 percent and even the RBI’s revised forecast of 6.6 percent. The National Statistical Office’s first advance estimates project …

​Growth chill: On the economy
2 months, 3 weeks ago

​Growth chill: On the economy

The Hindu  

The National Statistics Office has confirmed emerging fears about the economy’s evidently sluggish trajectory through this year in its first Gross Domestic Product estimates for 2024-25. While the election-focused first quarter hit public capital spending, the second quarter was marred by weak demand and still underwhelming public capex, dragging GDP growth to a seven-quarter low of 5.4%. The NSO’s projection …

Revise India’s inflation gauge but handle the revision with care
2 months, 3 weeks ago

Revise India’s inflation gauge but handle the revision with care

Live Mint  

The remarkable insights into the changing pattern of household consumption thrown up by the latest Household Consumption Expenditure Survey 2023-24 are of special relevance for a wide range of policy decisions. In recent months, Union ministers have expressed qualms over RBI’s apparent unwillingness to look through inflation driven by food prices in its formulation of monetary policy. In December, the …

Want growth? Just teach India better, keep everyone healthy and yes, drop those EV subsidies
2 months, 3 weeks ago

Want growth? Just teach India better, keep everyone healthy and yes, drop those EV subsidies

New Indian Express  

Our current year's budget was presented in July and expected to build on the 8.2% growth in GDP of the previous year. If our economic growth continues on the present trajectory, we are not likely to remain the most attractive FDI destination for long, thereby putting pressure on INR exchange rate. Will large businesses, driven by quarterly performance, be willing …

Consumer, business confidence to drive growth: RBI governor Sanjay Malhotra
2 months, 4 weeks ago

Consumer, business confidence to drive growth: RBI governor Sanjay Malhotra

Live Mint  

Prospects for the Indian economy are expected to improve in 2025 thanks to high consumer and business confidence, Reserve Bank of India governor Sanjay Malhotra said in his foreword to the Financial Stability Report, which pegged the real GDP growth for the current fiscal year at 6.6%. In the bi-annual report released on Monday, Malhotra said that despite global uncertainties, …

Rupee tumbles 3 pc in 2024; turbulence to ebb in slow motion in next year
3 months ago

Rupee tumbles 3 pc in 2024; turbulence to ebb in slow motion in next year

Deccan Chronicle  

Mumbai: The Indian rupee tumbled 3 per cent in 2024 as concerns over slower economic growth and the green buck's global strength weighed, but it was among the least volatile currencies in the world and the headwinds may be less intense in the coming year. The RBI's log of the daily exchange rate movement of rupee versus major currencies showed …

Why inflation will matter more in 2025: Explained
3 months ago

Why inflation will matter more in 2025: Explained

The Hindu  

The story so far: It has been what one may call, a bittersweet year for the economy, with a sweet first half, when growth surprised everyone, including the government. Top government functionaries have been making noises since late November about the need for RBI to cut rates, with some suggesting it should ignore volatile food prices and prioritise growth and …

India’s Government Cites Central Bank Policy for Slowdown
3 months ago

India’s Government Cites Central Bank Policy for Slowdown

Live Mint  

-- Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. India’s government partly blamed the central bank’s tight monetary policy for the economy’s weak performance and said growth will likely improve in the second half of the fiscal year as demand picks up and restrictive measures ease. “The combination of monetary …

RBI’s monetary policy may have slowed demand: Finance Ministry
3 months ago

RBI’s monetary policy may have slowed demand: Finance Ministry

The Hindu  

The Finance Ministry on Thursday said the “combination of monetary policy stance and macroprudential measures by the central bank may have contributed to the demand slowdown” in the economy — remarks that come two days after a Reserve Bank of India monthly bulletin article mooted urgent action to “excoriate inflation” so as to lend a stronger push for consumption and …

Fed's rate cuts and hawkish outlook: Implications for Indian markets
3 months ago

Fed's rate cuts and hawkish outlook: Implications for Indian markets

Live Mint  

The US Federal Reserve's decision to cut interest rates by 25 basis points in its December 2024 policy meeting has raised questions about how this move might influence India’s monetary policy and asset classes. With the Fed signalling a slower pace of rate cuts in 2025, foreign capital inflows into India could diminish, especially as US treasury yields become increasingly …

Policymakers, economists pin hopes on government spending to propel economic recovery amid sluggish growth
Trending News
3 months ago

Policymakers, economists pin hopes on government spending to propel economic recovery amid sluggish growth

Live Mint  

After two consecutive quarters of sluggish economic growth, policymakers and economists are banking on a turnaround in the second half of the fiscal year, driven by increased government spending, a boost from the ongoing festive season, and resilient rural consumption. Economists note that while India is expected to retain its status as the fastest-growing major economy over the next five …

Economy rebounds in Q3 with boost from festivals and rural demand: RBI
3 months ago

Economy rebounds in Q3 with boost from festivals and rural demand: RBI

India Today  

The Indian economy is recovering from the slowdown in momentum witnessed in the September quarter, driven by strong festival activity and a sustained upswing in rural demand, according to a Reserve Bank of India bulletin released on Tuesday. "High frequency indicators for the third quarter of 2024-25 indicate that the Indian economy is recovering from the slowdown in momentum witnessed …

Growth to pick up in coming quarters on govt capex, says MPC member Nagesh Kumar
3 months ago

Growth to pick up in coming quarters on govt capex, says MPC member Nagesh Kumar

Live Mint  

Mumbai: India’s economic growth is expected to pick up in the coming two quarters with an increase in government spending, even as private investment lags, according to Monetary Policy Committee member Nagesh Kumar. Kumar was one of the two external members of the Reserve Bank of India’s MPC who had voted for a 25-basis-point rate cut to help revive growth, …

Aligning inflation to RBI’s 4 per cent target key to ensuring growth: MPC minutes
3 months, 1 week ago

Aligning inflation to RBI’s 4 per cent target key to ensuring growth: MPC minutes

New Indian Express  

MUMBAI: The members of the Reserve Bank rate-setting panel in the minutes of its December meeting released on Friday said high prices are the cause for demand slowdown, and aligning inflation to the central bank’s 4% target is the key to ensuring sustained economic growth. Nagesh Kumar called for a 25 basis points reduction in policy, saying “I believe a …

Price stability crucial for India’s economic growth, says RBI
3 months, 1 week ago

Price stability crucial for India’s economic growth, says RBI

Live Mint  

The foundations for high growth in the Indian economy can be achieved through durable price stability, the monetary policy committee of the Reserve Bank of India said. "The MPC emphasises that strong foundations for high growth can be secured only with durable price stability," the minutes of the Monetary Policy Committee meeting held in December said. "The MPC also decided …

Vivek Kaul: RBI’s new governor will have to confront a tricky old trilemma
3 months, 1 week ago

Vivek Kaul: RBI’s new governor will have to confront a tricky old trilemma

Live Mint  

Shaktikanta Das’ tenure as governor of the Reserve Bank of India has come to an end. For companies, lower rates mean lower interest outflows on their existing borrowings and hence higher profits and possibly higher stock prices. For market participants, lower rates mean that retail investors are incentivized to invest more in stocks in search of higher returns, leading to …

Why RBI is central to the country’s economy
3 months, 2 weeks ago

Why RBI is central to the country’s economy

New Indian Express  

The art of setting interest rates Maintaining macroeconomic stability and financial stability is the holy grail of any central bank. The pursuit of sustainable growth and low and stable inflation have been fundamental to central banking activities since the early 19th century, though financial stability got equal prominence, thanks to black swan events like the Great Depression of 1930s and …

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