Reportedly the Reserve Bank of india (RBI) is set to cut interest rates in August for the fourth meeting in a row, according to a Reuters poll of economists, a majority of whom said risks to their already modest growth forecasts were skewed more to the downside.
If the RBI does cut rates next month, it will be the most aggressive among dovish central banks in Asia. The last time the RBI delivered so many back to back cuts was after the global financial crisis over a decade ago, when most major central banks went on a cutting spree to revive economic growth. Almost 80 per cent of 66 economists in the July 17-24 poll expected the RBI to cut its benchmark repo rate by 25 basis points to 5.50 per cent at the August 7 meeting. Three respondents predicted a 50 basis points cut and the remaining 10 forecast policy on hold.
"It is baked in the cake. They are going to cut rates in August and again later, mainly due to low growth and weak inflation," said Gareth Leather, senior Asia economist at Capital Economics.
Nitin Gadkari claimed benefits of demonetization will be seen in long term Reportedly the November 8, 2016 decision of the Narendra Modi government to demonetize banknotes of Rs 1,000 and Rs 500 was a reform that will reap long-term benefits for India, said senior Union minister Nitin Gadkari on Friday. He said some reforms may have short-term problems but in the long run they are beneficial.
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