Crisil’s sharp downward revision of growth outlook comes just ahead of the RBI’s three day long monetary policy committee (MPC) meeting, set to start from Tuesday. It is widely expected to deliver a rate cut in order to support growth.
Swamy has been positioning himself for the FM’s post and had earlier been critical of Arun Jaitley also, but has been overlooked for the job.
This is the fifth successive quarter of decline and the slowest GDP growth rate over six years. The growth on a year-on-year basis during Q2 2018-19 had stood at 7 per cent.
RBI has asked banks not to charge savings bank account customers for online transactions in the NEFT or National Electronic Funds Transfer system with effect from January
On Sunday, the Chief Minister’s office said that in less than one year, the government has succeeded in reducing unemployment by 40% in Madhya Pradesh
The RBI in its Monetary Policy Report, October 2019, has also said that a combination of domestic and global headwinds has depressed economic activity in the country.
Outstanding loans rose Rs 596.53 trillion ($8.40 billion) from a fortnight earlier to Rs 97.71 trillion as on September 27.
Moody’s said rising unemployment, especially among the young, are likely to continue to weigh on household consumption and GDP growth.
The governor’s assertion comes after some reports suggested that the government may seek an interim dividend of Rs 30,000 crore from the apex bank.
The Reserve Bank of India on Friday announced to cut the repo rate by 25 bps to 5.15 per cent.
Purchasing Managers’ Index (PMI) for services had come down to 52.4 in August from 53.8 in July.
Goods and Services Tax (GST) collections dropped sharply to a 19-month low of Rs 91,916 crore in September, mirroring a widening slowdown in economy triggered by shrinking consumer demand.
State-owned Punjab & Sind Bank on Tuesday said the board has approved capital infusion of up to Rs 800 crore by the government.
The PMC Bank has been barred from granting, renewing and loans and advances, make any investments, accept fresh deposits, etc, without the prior written approval from RBI.
Among other rate changes, the Council has reduced rates for cups and plates made from leaves and hides to nil. The GST on caffeinated beverages has, however, been increased from 18 per cent to 28 per cent plus additional 12 per cent cess.
Equity benchmarks BSE Sensex and NSE Nifty rallied over 3 per cent after Finance Minister Nirmala Sitharaman on Friday, September 20 proposed to slash corporate tax for domestic and new local manufacturing companies. BSE Sensex reads 11,053.30 (+348.50) registering a surge of 3.26%, while the NSE index is up by[Read More…]
Nirmala Sitharaman held a meeting to discuss about enhancing domestic manufacturing and Make in India scheme.
Nirmala Sitharaman said that the government is proposing to slash the corporate tax rate for domestic manufacturing companies.
The savings deposits with Indian banks stood at Rs 35.99 lakh crore in 2017-18, the Reserve Bank of India (RBI) said, while it stood at Rs 55,896 crore for foreign banks in the same fiscal.