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Daily Archives: August 17, 2018

India Ratings cuts growth forecast for FY19 to 7.2%

Points to headwinds from elevated global crude prices and minimum support prices for kharif crops as reason. India Ratings and Research (Ind-Ra) has revised its FY19 economic growth forecast down to 7.2% from 7.4% earlier. It cited the headwinds emanating from elevated global crude oil prices and the government’s decision …

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Tea exporters see competitive opportunity in rupee weakness

Tea growers see an opportunity to boost the competitiveness of Indian tea in the global market, riding on the rupee’s recent weakness. India’s tea exports remained flat at 46.8 million kg between April and June compared to a year earlier although prices increased marginally. Arijit Raha, secretary general, ITA concurred …

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NPCI unveils ‘more secure’ UPI with overdraft facility

The National Payments Corporation of India (NPCI) has upgraded the unified payments interface (UPI) with enhanced security features and overdraft facilities. Unveiling the UPI 2.0 on Thursday, RBI Governor Urjit Patel said that the upgraded UPI was the result of the calibrated approach adopted by RBI in the initial years …

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Growth impulses remain strong: Patel

Reserve Bank of India (RBI) Governor Urjit Patel sees domestic growth impulses continuing to remain reasonably strong as the monsoon, which has been normal ‘so far’, augurs well for the farm sector, according to the minutes of the Monetary Policy Committee’s meeting earlier this month. “The manufacturing sector has continued …

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Panel formed, Centre tells SC

Cabinet Secretary orders supply of drinking water, dry food packets to flood-hit Kerala The Centre on Thursday informed the Supreme Court that the Union Cabinet Secretary had constituted a committee chaired by the chairman of the Central Water Commission and engineers-in-chiefs of Tamil Nadu and Kerala for “proper reservoir management …

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Rupee slides to a new low vs dollar

Foreign exchange reserves have declined by $23 billion in the last four months, and stood at $402.7 billion as of the week ended August 3, 2018. The weak trend in the global markets along with the fall in the rupee affected investor sentiment in the equity market as well, with …

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‘No creamy layer norm for SCs/STs’

Attorney-General K.K. Venugopal argued that SC/ST are a “homogeneous group and any action to regroup them based on economic or social advancement would not be apt”. Mr. Venugopal said rigorous modalities were prescribed for inclusion of communities in the list of SCs/STs. “For inclusion of communities in the list of …

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