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5% Q1 growth surprise; economy will look up with measures taken: Das
RBI Governor Shaktikanta Das. File photo

5% Q1 growth surprise; economy will look up with measures taken: Das

16 Sep 2019 | 9:39 PM

NEW DELHI: RBI Governor Shaktikanta Das on Monday termed the low GDP growth of 5 per cent as a “surprise” but expressed confidence that the economy will look up with a host of measures taken by the government.

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New Delhi, September 16

RBI Governor Shaktikanta Das on Monday termed the low GDP growth of 5 per cent as a “surprise” but expressed confidence that the economy will look up with a host of measures taken by the government.

He further said the RBI has been cutting rates to give a boost to the economy as slowdown was visible for past few months.

The RBI slashed benchmark interest rate four times consecutively since January 2019.

The central bank reduced the repo (short term lending) rate by 1.10 percentage points during the year.

“I think with right measures taken, things should improve. It’s a positive trend that the government is responding very fast and I don’t think we have heard the last from the government with regard to dealing with the current economic situation ... My expectation is that it will be a continuous process and they would definitely be dealing with other challenges,” he told news channels.

The government announced a slew of measures in three dosages which include a special window for real estate, export incentives, bank consolidation and sops for MSMEs and the automobile sector.

With regard to structural reforms, he said the RBI has already pointed out in its annual report.

“I think one major thing would be agriculture marketing. Definitely, I would expect some action from the government with regard to reforms in agricultural marketing,” he said.

Expressing concern over the first quarter GDP numbers, the RBI Governor said the numbers definitely looked much worse because the RBI had projected 5.8 per cent.

“I think almost everybody had projected not below 5.5 per cent or so, but the number 5 per cent is a surprise,” he said.

He also said the second quarter growth of all advanced economies was lower than the first quarter so there is a deceleration.

“But again I am not trying to justify our slowdown through the prism of the global slowdown although global slowdown does impact growth and results in slowdown we have domestic issues also,” he said.

Asked when will the economy see revival, Das said it is difficult to make an estimate as there are many things which are still playing out.

“Now for example the Saudi oil crisis was something totally unanticipated. The trade issue between two largest economies, some statements here it appears that they are going on the brink but then they pull back...so much of uncertainty happening all around,” he said.

How various factors play out in the second quarter, the RBI will analyse and make assessment, he added. — PTI

Strike call given by officers’ union may affect normal business at branches: SBI

Strike call given by officers’ union may affect normal business at branches: SBI

16 Sep 2019 | 8:52 PM

NEW DELHI: The State Bank of India (SBI) on Monday said the operations of the bank could be affected if the two-day strike call given by officers’ unions materalises.

Oil marketing, aviation stocks tumble as crude oil prices boil

Oil marketing, aviation stocks tumble as crude oil prices boil

16 Sep 2019 | 8:34 PM

NEW DELHI: Shares of oil marketing firms led by Bharat Petroleum Corporation Ltd (BPCL) on Monday cracked up to 7 per cent following huge spike in crude prices.

Wholesale price-based inflation unchanged at 1.08 pc in August

Wholesale price-based inflation unchanged at 1.08 pc in August

16 Sep 2019 | 1:06 PM

NEW DELHI: Wholesale price-based inflation was unchanged at 1.08 per cent in August even as prices of food items rose, government data showed on Monday.

Motorola joins hands with Flipkart to foray into smart TV segment in India

Motorola joins hands with Flipkart to foray into smart TV segment in India

16 Sep 2019 | 8:32 PM

NEW DELHI: Motorola on Monday said it has partnered Walmart-backed Flipkart to launch smart TVs in the Indian market, marking the smartphone maker’s foray into the consumer durables space.

See no signs of anxiety among sellers: Amazon India on economic slowdown

See no signs of anxiety among sellers: Amazon India on economic slowdown

16 Sep 2019 | 8:12 PM

NEW DELHI: E-commerce giant Amazon on Monday sought to allay concerns over any slowdown in demand, saying it sees no "signs of anxiety" from sellers and brands that are lining up new products for the festive season ahead.

Sensex, Nifty slip as crude oil surges after Saudi attacks

Sensex, Nifty slip as crude oil surges after Saudi attacks

16 Sep 2019 | 7:59 PM

MUMBAI: Indian equity benchmarks slipped on Monday due to panic sell-offs by investors who were caught off guard by soaring crude prices after drone attacks on Saudi Arabia's oil facilities.

No oil supply shortage post-Saudi attacks: Oil Ministry

No oil supply shortage post-Saudi attacks: Oil Ministry

16 Sep 2019 | 2:59 PM

NEW DELHI: India, the world’s third-largest oil consumer, will not be hit by a reduction in production at its No. 2 supplier Saudi Arabia, the Oil Ministry said on Monday.

Rupee tumbles 68 paise to 71.60/USD in early trade on sharp rise in crude prices

Rupee tumbles 68 paise to 71.60/USD in early trade on sharp rise in crude prices

16 Sep 2019 | 10:16 AM

MUMBAI: The rupee tumbled by 68 paise to 71.60 against the US currency in early trade on Monday, as a sharp jump in global crude oil prices dampened investor sentiments.

Volkswagen settles Australia emissions cheating scandal

Volkswagen settles Australia emissions cheating scandal

16 Sep 2019 | 1:08 PM

SYDNEY: Volkswagen has agreed to pay up to USD 87.3 million to settle multiple class action suits brought by Australian motorists over a diesel emissions cheating scandal, the parties’ lawyers said Monday.

China’s industrial output growth falls to 17-and-a-half-year low

China’s industrial output growth falls to 17-and-a-half-year low

16 Sep 2019 | 11:01 AM

BEIJING: The slowdown in China’s economy deepened in August, with industrial production growing at its weakest pace in 17-1/2 years amid rising US trade pressure and softening domestic demand.

NRIs can’t continue PPF accounttax advice

NRIs can’t continue PPF account

16 Sep 2019 | 6:48 AM

Q. My son opened a PPF account in FY 2012-2013. At that time, he was working with an Indian company. In 2016, he went to Australia and got PR. He had contributed to PPF till 2018. Please clarify whether he can still continue the said account. Can he apply for closing of the account?

SBI to move RBI to offer fixed-floating rate home-loans: Chairman

SBI to move RBI to offer fixed-floating rate home-loans: Chairman

15 Sep 2019 | 5:23 PM

LEH: The largest lender State Bank of India will be seeking clarifications from the Reserve Bank whether it can offer long-term home loans with fixed rates in the beginning and convert the same into floating rates later, chairman Rajnish Kumar has said.

Tension over Kashmir not to affect TAPI project, Pak assures Turkmenistan

Tension over Kashmir not to affect TAPI project, Pak assures Turkmenistan

15 Sep 2019 | 3:07 PM

ISLAMABAD: Pakistan has assured Turkmenistan that rising tensions with India will have no effect on the TAPI gas pipeline project, a media report said on Sunday.

Rs 60,000-cr booster shot to push exports, housing

Rs 60,000-cr booster shot to push exports, housing

15 Sep 2019 | 12:16 PM

NEW DELHI:Union Finance Minister Nirmala Sitharaman today announced a set of measures to boost the export sector and bring relief to a certain category of home buyers stuck with unfinished projects.

SBI wants to be lead bank for Ladakh; opens 14th branch

SBI wants to be lead bank for Ladakh; opens 14th branch

14 Sep 2019 | 9:51 PM

DISKIT: The country’s largest lender State Bank of India (SBI) has expressed desire to be become the lead-bank for the newly carved-out Union Territory of Ladakh.

India’s growth ‘much weaker’ than expected, says IMF

India’s growth ‘much weaker’ than expected, says IMF

14 Sep 2019 | 7:22 AM

WASHINGTON:India’s economic growth is “much weaker” than expected, according to the IMF, which attributed it to the corporate and environmental regulatory uncertainty and lingering weaknesses in some non-bank financial companies.

ED slaps Rs 229-cr penalty on PwC

14 Sep 2019 | 7:22 AM

NEW DELHI:The ED has slapped an over Rs 229-crore FEMA violation show cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC), officials said on Friday.

Tax row: Google agrees to pay $1.07 bn to France

14 Sep 2019 | 7:22 AM

PARIS: US internet giant Google has agreed a settlement totalling 965 million euros ($1.07 billion) to end a tax dispute in France under an agreement announced in court.

Centre to look into rise in exports from China to India

Centre to look into rise in exports from China to India

14 Sep 2019 | 9:50 PM

LUDHIANA:The Union government has asked the departments such as Central Board of Excise and Customs, Directorate of Revenue Intelligence, Directorate General of Foreign Trade and Department of Commerce to look into allegations of spurt in export of Chinese goods to India through SAFTA and ASEAN countries and also under-invoicing of exported material.

Exports dip 6% to $26.13 bn

14 Sep 2019 | 7:22 AM

NEW DELHI: India’s exports dropped by 6.05% to $26.13 billion in August compared to the year-ago month, official data released on Friday showed.

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