RBI Governor Sanjay Malhotra met Finance Minister Nirmala Sitharaman on Monday, a meeting that comes after India posted a record 7.8% GDP growth in the first quarter of the fiscal year. The discussion precedes the Monetary Policy Committee’s October session, where analysts anticipate a rate hike amid rising oil prices and inflation pressures.
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India's 7.8% GDP growth has triggered a political row, with a former finance secretary questioning the data methodology. The IMF, however, backed India's statistical reforms, saying new IIP and PPI series should improve GDP estimates.
Uttar Pradesh aims to balance a massive infrastructure and tech-driven investment push with strict fiscal discipline, keeping its deficit under 3% of Gross State Domestic Product.
The Congress party cited criticism by former finance secretary Subhash Chandra Garg on GDP numbers to attack the government, saying it must understand that ‘PR can polish the picture’ of GDP but not the economy itself.
In July 2019, Garg took voluntary retirement from service, a day after he was moved to the Power Ministry in a broader reshuffle just three weeks after the presentation of the Union Budget. Garg's scheduled retirement was in October 2020.
Union Bank of India to facilitate retail loan facilities for customers purchasing VST Tillers’ products, including tractors, power tillers, power reapers and power weeders
Karandikar also stresses on developing nuclear workforce to meet 100 GW capacity by 2047
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Japan Credit Rating Agency upgraded India’s sovereign credit rating to A- from BBB+ citing strong economic growth, fiscal consolidation, a healthier financial system and resilient external finances. JCR expects India to grow over 6% in FY27 but flagged high government debt as a key risk.
Amid the external headwinds, the finance ministry highlighted that the domestic economy retained its vigour in August, with demand remaining strong and the external sector displaying stability.
US Fed Chair Kevin Warsh feels there is a surge in global investment that is powering growth and reversing past rush to save to bring capital back into play instead of remaining idle, Reuters reported.
The pre-budget meetings will be chaired by Finance Secretary (Expenditure) V. Vualnam, according to a circular released today.
At the inaugural India-Canada Economic and Financial Dialogue, the two countries’ finance ministers focused on domestic macroeconomic stability, financial-sector integration, and multilateral cooperation on critical minerals.
