The mood at the Indian Institute of Management, Ahmedabad (IIM-A) is festive, with one of its alumnii, Raghuram Rajan taking over as the next Reserve Bank of India (RBI) governor.
Terming the 23.9 per cent fall in economic growth in the June quarter alarming, former Reserve Bank Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action. The current crisis requires a more thoughtful and active government, he said, adding, "Unfortunately, after an initial burst of activity, it seems to have retreated into a shell."
The RBI expects inflation in 2015 to hover around 6 per cent -- its target for January 2016 -- and sees risks to the target evenly balanced.
The HSBC Manufacturing Purchasing Managers' Index, compiled by Markit, fell to 52.4 in August from 53.0 in July but chalked up its tenth month above the 50 mark that divides growth from contraction.
The RBI said that the impact of unseasonal rains is still unfolding.
RBI conducts interviews for first lateral hire for CGM post; deputy governors to head four distinct verticals.
The solution to this problem lies only in making the system more efficient, he said.
Finance Minister Arun Jaitley on Sunday said there is no 'disconnect' between the two.
Nudging the RBI to cut interest rates to boost growth, Finance Minister Arun Jaitley on Sunday said he had already made his mind clear and hoped the central bank will take decision after taking into account various factors.
Rajan said the RBI is working on upgrading the capabilities of its inspectors to undertake bank system audits as well as to detect vulnerabilities in them
As Indians scrambled to exchange the banned notes for new currency, Paytm, Sharma's digital payments startup, went on a promotional spree, inviting Indians to start using Paytm's digital wallet to pay for everyday goods and services.
Jaitley said if interest rates were lowered, the economy could grow faster than 7-7.5 per cent.
All policy planners want low interest rate, says Jaitley
In policy review meet in June, RBI Governor Raghuram Rajan kept interest rates intact.
The hardening of the Wholesale Price Index follows an uptick in retail inflation.
HDFC Bank slashes base rate by 0.35 per cent to 9.35 per cent, effective Tuesday.
RBI data show one-fifth of all the infrastructure loans are stressed and the share of such loans in overall stressed assets is nearly a third.
The chances of a rate cut in September have risen.
"The issue in Iraq is still an area of uncertainty.
A reading above 50 represents expansion while one below means contraction.
A Reuters poll showed only one out of 51 economists had expected a 50 basis points rate cut.
RBI Governor has been under pressure from Finance Ministry.
The Reserve Bank of India's ongoing inspection of the book of accounts of Syndicate Bank is unconnected with last week's arrest of S K Jain, its chairman and managing director.
The appointment will be made by Prime Minister Narendra Modi in consultation with Finance Minister Arun Jaitley.
The report also described the RBI as an "extremely visionary, pragmatic and fairly independent" organisation throughout its history
Rajan said there will be some volatility, but once the initial bout or wave abates, people will look for good fundamentals
The High Commissioner upon seeing Mallya walk in actually at the mid of the event, got up and left
A strong currency helps in fighting some of the import-led inflation.
In April, RBI had projected retail inflation to be around 5 per cent.
The central bank dashed hopes of any steep interest rate reduction.
Arun Jaitley had promised to provide more than the budgeted amount.
Increased demand for the dollar weighed on the local currency.
P Chidambaram on Saturday wondered whether the Modi government "deserves" Raghuram Rajan
He will be the first bureaucrat to head the central bank in almost five years.
Highly-placed sources in the government say that none of the senior ministers had any inkling of Patel's resignation
ICICI Bank and HDFC Bank have effected a cut of up to 0.50 per cent in term deposit rates following tepid credit growth and ease in money market rates.
These sectors have underperformed the wider market over the past year and are seen having far more upside potential if the economy picks up thanks to Modi's reformist agenda.
Central Statistics Office has come out with GVA to measure growth.
The high-level meeting comes against the backdrop of the rupee touching a record low of 58.98 to a dollar on Tuesday.
Regarding employment, the manufacturing sector hiring remained broadly unchanged.
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