Economy News - Page 6

Lower interest rate won't necessarily boost growth: Former RBI governor Y V Reddy

According to the former governor, if the RBI agrees with the finance ministry all the time, then it is "superfluous"

GST rollout will make foodgrains, milk, veggies up to 5% cheaper, says finance ministry

The government has exempted cereals, pulses, atta, maida and besan from the GST, which will be implemented from 1 July.

Online banking to kill physical banks in 5-6 years: NITI Aayog CEO Amitabh Kant

He said that with proliferation of mobile phones and Internet based transaction, it will be easy for financial technology firm to do analysis and provide loans to person who requires it and has good credit history

Economy headed for consolidation says RBI survey; retail inflation seen 5% by Jan-March

The RBI has been conducting the Survey of Professional Forecasters (SPF) since September 2007 and the latest (46th round) was conducted during May 2017.

Deal with NPAs in flexible, pragmatic way, says Assocham president

Assocham president Sandeep Jajodia also urged the Centre that the NPA norms on getting the account classified under non-performing asset category for core sectors should be extended from 90-days to 180-days.

GST to have positive impact on gold industry, says World Gold Council

"While gold consumers will face a slightly higher tax rate and the industry will go through a period of adjustment, we see the net impact on the gold industry as being positive," it added.

Amazon likely to get soon official nod for $500 million FDI in food retail

The proposal was pending before the Foreign Investment Promotion Board (FIPB) which has been abolished now

Petrol, diesel rates to be revised daily from 16 June in sync with international rates

Daily price change will remove the big leaps in rates that need to be effected at the end of the fortnight and consumer will be more aligned to market dynamics

IDBI Bank sets up dept to manage bad loans, after being put "under watch" by RBI

IDBI Bank's annual loss for 2016-17 widened to Rs 5,158 crore, as against Rs 3,665 crore in the previous fiscal.

GST: Arun Jaitley seeks support from MPs/MLAs to create awareness of new indirect tax regime

In a letter to the presidents of various political parties, Jaitley thanked them for their cooperation and contribution in making the GST a reality

Cross border mergers make India favoured FDI route: UN trade report

Despite historically high number of announced greenfield projects in 2015, FDI inflows to India were flat last year with only 1 percent up from 2015, the report said.

Treat Madhya Pradesh farmers' protest with urgency; a contagion could deepen the crisis

With high level of non performing assets (NPAs), banks are not in a position to forgive farmer loans but the question is, if corporate loans can be adjusted, why not farm loans, where the reasons are more compelling.

IT Employees Associations against industry veteran Mohandas Pai's statement

Pai had yesterday accused people, who are making efforts to forge a union in IT industry, of trying to "create a hype, fear-mongering".

RBI keeps rate unchanged: Panel not convinced on inflation fall; experts decode statement

Inflation projections and Real GVA growth for FY18 have been lowered based on recent data releases

4 reasons why RBI was right in snubbing govt and holding back an interest rate cut

The governor was right this week in staying clear of the rate cut the government wanted, and it is now out in the public that the monetary policy committee (MPC) even said no to a meeting with New Delhi's mandarins

Rate cut: RBI, govt in open confrontation? Central bank defiantly holds ground

The Reserve Bank warned of fiscal situation getting out of hand if states unabatedly continue to waive farm loans saying it also risk spurring inflation.

RBI may not have cut policy rate but new home loans set to get cheaper; here's why

"The reduction in risk weights and standard asset provisioning on certain categories of housing loans will lower housing loan rates and increase housing loan portfolio of banks"

GST: Industry gets 90 days to claim tax credit for transition stock after rollout from 1 July

The GST Council also decided to amend the transition rules allowing traders and retailers to make claim of 60 percent against the CGST or SGST dues where the tax rate exceeds 18 percent.

RBI policy: Key interest rates unchanged; inflation, growth projections cut

Among the reasons for the bank's caution were sticky core inflation, and higher government spending if Prime Minister Narendra Modi heeds farmers' calls to forgive their debts

Economic situation warrants easing of rates by RBI: CEA Arvind Subramanian insists

Talking to reporters after RBI released its statement, Subramanian said there is a plausible alternative macro-economic assessment

RBI cuts provisions, risk weights to make home loans cheaper; boost for real estate

The amount of money to be set aside for every loan made, has been lowered to 0.25 percent from the earlier 0.40 percent, which will help reduce the interest rates on home loans

RBI monetary policy: Note ban didn't impact growth; need clarity on inflation

Patel said the inflation number may have come lower due to lingering of the transitory effect that has kept it low since November and also on supply glut conditions in respect of pulses, cereals and vegetables.

RBI monetary policy: Farm loan waivers risk fiscal slippages, inflation

RBI Governor Urjit Patel said unless that state governments' budgets allow that fiscal space to go in for a loan waiver, it would be risky to tread on that path

Sensex, Nifty hold ground after RBI monetary policy; banks top gainers

RBI Governor Urjit Patel-led MPC for the fourth straight time kept the repo rate unchanged at 6.25 percent

RBI lowers inflation projection to 2-3.5% in first half of current fiscal

The earlier projection for the retail inflation in first half of the fiscal was 4.5 percent and 5 percent in second half

RBI policy: Urjit Patel's Raghuram Rajan act to restore central bank's lost credibility

And it's a good sign for the larger economy. Good job Mr Urjit Patel

RBI monetary policy: Central bank lowers growth forecast to 7.3% for FY18

Hit hard by demonetisation, India lost the tag of the fastest growing economy to China in the March quarter with a GDP growth of 6.1 percent

RBI keeps repo rate steady at 6.25%, doesn't want to risk 'loss of credibility'

Premature action (rate cut) at this stage risks disruptive policy reversals later and the loss of credibility, said the monetary policy committee

RBI policy: Highlights of 2nd bi-monthly monetary policy

Growth forecast for 2017-18 lowered to 7.3 percent from 7.4 percent

Rate panel keeps RBI repo rate unchanged at 6.25%: Full text of monetary policy statement

Five members were in favour of the monetary policy decision, while Dr. Ravindra H. Dholakia was not in favour