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India's retail inflation rate eased slightly in July, staying below the central bank's 4 per cent medium-term target for a 12th straight month, strengthening views that there will be a policy rate cut in October.
The Budget had provisioned Rs 70,000 crore for PSB recapitalisation and last week a Rs 55,250-crore infusion was announced in several PSBs for regulatory and growth requirements.
Some of the tax experts have argued that a lower tax rate for individuals would boost consumption demand and hence, beat the slowdown.
The government has been pressing banks to link borrowing rates to an external benchmark to speed up the transmission of rate cuts.
While the Centre will strategically disinvest Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India (CONCOR), it will sell its entire stake in THDC India Ltd and North Eastern Electric Power Corporation (NEEPCO) to another state-run power major, NTPC.
The Rs 2000 notes, released by the Reserve Bank of India post November 2016 demonetisation of Rs 500 and Rs 1000 banknotes, has now emerged as the favourite currency for hoarders.
The Alternative Investment Fund (AIF) will comprise Rs 10,000 crore coming from the government and the remaining being provided by state insurer LIC and the country's largest lender SBI.
State Bank of India reported fraud of 254 billion rupees while Punjab National Bank of 108 billion rupees and Bank of Baroda of 83 billion rupees.
The lowering of outlook will put additional pressure on Finance Minister Nirmala Sitharaman to take more measures to kickstart the economy.
The dialogue is being looked at as a centrepiece of the growing ties between India and the US
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