Page 2305 - Economy & Policy News
State Bank of India to reduce rate on savings deposits by 25 bps to 3.25%
The reduction in the marginal cost of funds based lending rate (MCLR) is likely to be 8-10 basis points, depending on the tenor of loans, a senior SBI executive said
 "State Bank of India to reduce rate on savings deposits by 25 bps to 3.25%")
Monetary policy: RBI may go for another 25 bps cut in Aug, says expert
As far as future rate cuts are concerned, we expect one more 25 basis points rate cut in this cycle
 "Monetary policy: RBI may go for another 25 bps cut in Aug, says expert")
Banks get relief as RBI delays adoption of external interest rate benchmark
The central bank has been pushing banks to link lending rates to external benchmarks as the latter were not adequately passing on rate cut benefits to borrowers
 "Banks get relief as RBI delays adoption of external interest rate benchmark")
Govt close to meeting fiscal deficit target of 3.4%: Economic Affairs Secy
The government at many occasions had indicated that there might be some shortfall on indirect taxes collection side during 2018-19 but not on direct tax front
 "Govt close to meeting fiscal deficit target of 3.4%: Economic Affairs Secy")
New industrial policy ready, next govt to announce it: Suresh Prabhu
This will be the third industrial policy after the ones released in 1956 and 1991
 "New industrial policy ready, next govt to announce it: Suresh Prabhu")
IL&FS crisis raises questions about rating agencies: Injeti Srinivas
India Ratings & Research, ICRA, and Credit Analysis and Research Ltd gave IL&FS the highest rating of AAA, says Corporate Affairs Secretary.
 "IL&FS crisis raises questions about rating agencies: Injeti Srinivas")
No jobs? Hiring by services firms hit 6-month low in March, reveal PMI data
94 per cent firms did not employ a single additional hand in March
 "No jobs? Hiring by services firms hit 6-month low in March, reveal PMI data")
Will maintain current fiscal glidepath if voted back to power: FM Jaitley
As per the current medium-term fiscal policy, which is part of the 2019-20 interim budget, the fiscal deficit target for 2019-20 is 3.4%, and 3% for both 2020-21 and 2021-22
 "Will maintain current fiscal glidepath if voted back to power: FM Jaitley")
Iron ore exports tumble 32% in Apr-Feb on weak demand, steep export duty
Exports of iron ore pellets, too, declined 7 per cent in April-January period of last fiscal due to uncertainty in winter output cuts in China and weak inquiries from the non-Chinese markets
 "Iron ore exports tumble 32% in Apr-Feb on weak demand, steep export duty")
Bimal Jalan panel on RBI capital reserves to submit report shortly: Das
The six-member committee was appointed after Prime Minister Narendra Modi's government insisted on a new policy for reserves held by the RBI and the distribution of dividends.
 "Bimal Jalan panel on RBI capital reserves to submit report shortly: Das")
Renewable energy capacity addition tumbles 49% during Apr-Feb period
Though tariffs for both, solar and wind power, fell to historic lows of Rs 2.44 per unit, the lack of clarity in policies for the renewable energy sector affected fresh capacity addition
 "Renewable energy capacity addition tumbles 49% during Apr-Feb period")
Fitch retains India's credit rating at 'BBB-' with a 'stable outlook'
The rating agency said India's economy is expected to grow at 6.8% in the financial year ending March 2020
 "Fitch retains India's credit rating at 'BBB-' with a 'stable outlook'")
8.8 million taxpayers didn't file returns in demonetisation year: Report
There are several reasons that could have led to the spike in stop filers. The two main reasons could be - job loss and drop in income
 "8.8 million taxpayers didn't file returns in demonetisation year: Report")
Microsoft to help Railways connect employees with healthcare services
Microsoft had launched Kaizala - a productivity app - designed for the Indian market to enable large group communications and work management
 "Microsoft to help Railways connect employees with healthcare services")
India-US free trade agreement key to ending dispute, says advocacy group
Trump has repeatedly claimed that India is a 'tariff king' and imposes 'tremendously high' tariffs on American products
 "India-US free trade agreement key to ending dispute, says advocacy group")
Explained: Reasons why RBI cut its retail inflation forecast for 2019
Beyond the near term, several uncertainties cloud the inflation outlook, said RBI
Full text: RBI cuts repo rate to 6%, cuts GDP forecast for FY20 to 7.2%
RBI cut its benchmark interest rate by 25 basis points, in a widely expected move to boost the economy
 "Full text: RBI cuts repo rate to 6%, cuts GDP forecast for FY20 to 7.2%")
Trump slams India, calls it one of the highest taxing nations in the world
Trump has repeatedly claimed that India is a 'tariff king' and imposes 'tremendously high' tariffs on American products
 "Trump slams India, calls it one of the highest taxing nations in the world")
India's services PMI dips to six-month low of 52.0 in March on weak demand
The index change was partly caused by waning new business growth, with further increases to output prices perhaps contributing to the slide'
 "India's services PMI dips to six-month low of 52.0 in March on weak demand")
Poll says politics, monetary policy easing to hurt rupee, may cross 70/$
In the latest survey of nearly 50 strategists, taken April 1-3, the rupee was forecast to weaken about 3 percent over the next year to 70.38
 "Poll says politics, monetary policy easing to hurt rupee, may cross 70/$")