'India is not the India of 1962. We are not carrying that baggage of history anymore.'
The country's economic growth slipped to a decade-low of 4.5 per cent in 2012-13 and is estimated at 4.9 per cent in the current financial year.
In New York, the dollar edged down against the yen for the first time in three sessions as investors weighed economic data and remarks from outgoing Federal Reserve Chairman Ben Bernanke.
RBI Governor Shaktikanta Das said the central bank saw economic growth slowdown in February, prompting it to cut rates ahead of the curve and wondered why markets were surprised with the decision to pause rate reduction. Noting that there is a need for an "informed and objective discussion" on the country's economy, Das said the RBI would do "whatever is necessary" to address growth slowdown, spikes in inflation as well to ensure good health of banks and non-bank lenders. The apex bank went for five consecutive rate cuts starting in February this year, making it a cumulative reduction of 1.35 per cent.
During the meeting on the sidelines of the 11th BRICS Summit on Wednesday, prime minister Modi said there was a "new direction and new energy" in bilateral ties after the two leaders' second informal summit in Chennai.
The FM said an announcement with regard to the additional steps will be made after consulting Prime Minister Narendra Modi.
Kharif foodgrains production will touch 103 million tonnes in 2003-04 compared to 90.5 million tonnes produced in the last year, according to the Centre for Monitoring Indian Economy.
The prime minister's meetings with Abe and Turnbull came a day after he held "very expansive" talks with US President Donald Trump on intensifying overall security and defence cooperation, particularly in the Indo-Pacific region where China is strengthening its military build up.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
Soon after RBI announcing a much- awaited rate cut, Chief Economic Advisor Arvind Subramanian on Wednesday said that the global rating agencies should look at upgrading their stance on India's credit outlook. "Now we have a 50 basis points rate cut (in two tranches within two months) and I think that is good for the economy and all rate cuts benefits... If the outlook is looking good, the rating agencies should draw their lessons from that om improving the outlook," Subramanian told reporters. After presentation of Union Budget 2015-16 last week, global and domestic agencies had ruled out any immediate upgrade in India's sovereign ratings and had red-flagged the country's delayed fiscal consolidation roadmap and had also warned against any slippages from the "ambitious" disinvestment plan proposed in Budget. Subramanian said that the rate cut is consistent with the government's views in the last week's Economic Survey and thereafter in the Union Budget for the outlook on inflation and for the outlook on overall economy. "It (rate cut) shows that RBI and government are on the same page in terms of how we view the economy. It also means that Budget can be seen as conducive to non-inflationary growth," he added. On monetary policy framework agreement, Subramanian said that both Finance Ministry and RBI have shared concern about inflation. Recently, the Finance Ministry and the Reserve Bank agreed to 'inflation rate targeting' under which the apex bank will aim to lower retail inflation to below 6 per cent by January 2016.
The previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17.
In the test, a space rocket boosted a hypersonic glide vehicle, one capable of carrying a nuclear device, which circled the globe before impacting.
Currently, most crowdfunding platforms neither operate with proper authorisation nor are governed under any law.
This is the first time that 'Exercise IBSAMAR' is being conducted in Indian waters and it will conclude on February 29. All previous editions were held off South Africa, Navy said in a release.
Softening of global commodity prices might not help much
Moon Jae-in's visit will play a crucial role in exploring complementarities between India's Act East policy and South Korea's New Southern policy, says Dr Rahul Mishra.
Clocking its highest growth in the last two years, the services sector has recorded a nine per cent increase in sales during the quarter-ended June 2003, a leading economic think-tank said on Monday.
RBI Governor Raghuram Rajan on Tuesday kept the repo rate unchanged 6.50 per cent.
About 200,000 ATMs can dispense the new series of Rs 500 notes
The economy is projected to clock 7.4 per cent growth.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
Modi sees export-led growth one of the best ways to create jobs.
China's highest ranking defence officer will visit India next month, the first such visit in a decade as the Chinese military seeks to expand relations with its Indian counterpart.
The fuel efficiency claim of this engine will be clode to 30 km/ltr.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
The land acquisition bill is a catalyst to investment and passing the bill will improve India's business environment.
Retail inflation crossed the RBI's comfort level and rose to 5.21 per cent in December on increase in prices of food items.
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RBI is scheduled to unveil its credit policy on June 3.
India's manufacturing sector activity contracted for the third straight month in October amid falling levels of production and new orders, as the business climate within the country remained tough, an HSBC survey said on Friday.
Like everything else, the structure of banks may change, and banks may depend more on digital technologies and artificial intelligence for dealing with both their customers and employees.
Once the Covid crisis subsides in the state, the NEET exam this year, whether conducted or cancelled, could become an electoral issue next year, along with the BC-MBC reservations issue, especially the 'creamy layer' aspect, says N Sathiya Moorthy.
The dollar index was up by 0.43 per cent against a basket of six major currencies as euro dropped against the dollar, after quarterly economic reports from France and Germany missed expectations, said analysts.
'Experience of administration may make a member of civil service a good administrator but not necessarily an able and impartial adjudicator,' observes the Supreme Court.
The NDA government was initially reticent about fleshing out its economic strategy for the future. But now that it has taken enough bold initiatives on the economic front it must have the confidence to tell us more about its approach going forward, says Abheek Barua.
Rajan had said that there was lack of clarity about the new method.
'...it didn't make sense to me.' 'If the character was not adding (to the story), I wasn't interested.' 'The reason why I chose to act is because of the way it makes me feel when I'm acting, not for the fame and money.'
The banking sector in India is reeling under Rs 8 lakh crore of non performing assets (NPAs) or bad loans, of which PSU banks alone account for over Rs 6 lakh crore.
The host country has been pressing for a discussion at the 10th G20 Summit on the conflicts in Syria and the worst migrant crisis since World War II.
Sharp swings likely in equity, forex and bond markets.
'The rate cut could have been higher in the current economic conditions which would have had a stronger impact on business sentiment and spurred investment in a big way.'
