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Drop in manufacturing, agriculture output and a fall in the rupee suggests that the India's economy remains under pressure in the current quarter, London-based consulting firm - IndusView said in a press statement Friday.
The Reserve Bank of India (RBI) has today reduced its interest rates by 25 basis points to 7.25%, in line with expectations, with inflation and global commodity prices moving in a favourable direction.
"The falling prices have come in as a boon and Indian consumers are making the most of it ahead of Akshaya Tritiya festival, which is on May 13th this year,” said Bundeep Singh Rangar, Chairman of London-based advisory firm IndusView. "It is a tradition to buy gold in India where it is synonymous with social status and prestige.”
"A mantra of growth now permeates the RBI’s corridors,” said Bundeep Singh Rangar, Chairman of London-based advisory firm IndusView. "Three rate cuts in a year shows that the RBI is in harmony with the government’s attempts to revive growth.”
The Reserve Bank of India (RBI) today reduced its key lending rate by 0.25 basis points to 7.50%, in an attempt to boost growth as inflation remains in check, in the third cut since April last year.
India’s Finance Minister will be assessed by international investors on policy changes to increase foreign inflows, clarify tax laws and expand the country’s tax base, in his presentation of the Union Budget shortly after the latest gross domestic product (GDP) data is released today
India needs foreign exchange. The country's oil import bill was US$15.6 billion in January 2013. Total imports were US$45.6 billion and exports were a much lower US$25.6 billion, leaving a monthly trade deficit of US$20 billion.
Bundeep Singh Rangar, Chairman at Indusview, believes that increasing foreign inflows is the key to reducing the Current Account Deficit (CAD) and that cutting subsidies is required.
UK Prime Minister David Cameron concluded his trip to India this week to meet his Indian counterpart, Manmohan Singh, as well as the Indian president, Pranab Mukherjee, asking them to open its trade doors wider to British business.
Borrowing a leaf or two from Chinese policy makers to spur economic growth, the Reserve Bank of India (RBI) decided to reduce its key interest rate to 7.75% from 8% for the first time in nine months as well as reduce the amount of cash Indian banks must set aside as reserves..