Finance Minister Nirmala Sitharaman will hold a press briefing today evening, a government spokesman said, amid expectations that the government would announce steps to revive economic growth.
Several businessmen say Modi’s government needs to take swift action on the economy, but instead it seems preoccupied with the situation in Kashmir, which is under a lockdown after authorities curtailed the autonomy of the restive region.
The rupee fell to its lowest in more than eight months on Friday morning tracking weakness in other regional currencies, while concerns over flagging domestic growth also weighed on sentiment.
Chief Economic Advisor (CEA) K Subramanian on Thursday said the Indian economy does not need a fiscal stimulus to tackle the ongoing economic slowdown. Former Finance Secretary Subhash Chandra Garg also echoed the CEA's views.
The Reserve Bank of India had raised quite a few eyebrows when it announced an unconventional 35 basis points rate cut during its bi-monthly policy meet earlier this month.
India’s July crude oil imports declined from a year earlier, while petrol imports climbed to their highest since at least April 2011, data from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC) showed on Wednesday.
Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but ongoing worries about a possible global recession capped gains.
RBI Deputy Governor NS Vishwanathan advised lenders to ensure timely resolution of stressed assets under the new framework to extract the maximum value and asked them for deal only with "genuine" cases.
Broking firm Centrum has said overall loan growth for banks in the first quarter ending June dropped 1.2% QoQ led by modest net interest income and a sharp drop in pre-provision operating profits.