Economy

In the current fiscal year, government is eyeing Rs 14,500 crore by way of sell of its 52.63% stake in REC to state-owned Power Finance Corporation

The 6.9 per cent estimate is a notch lower than a 7 per cent growth estimated by the Central Statistics Office (CSO) for the current fiscal year.

Neither RBI Governor Shaktikanta Das nor any RBI official from the monetary policy department gave any indication of their thoughts or views, as is typical in such big-group meetings. Slowing growth has hit the government's tax collections, constraining its ability to substantially boost spending ahead of elections.

Gold imports in February fell 10.81 per cent year-on-year to $2.58 billion, compared to $2.90 billion during the same month a year ago.

Mr Subramanian cited the global slowdown and trade tensions as risks to economic growth, which is seen at 7 per cent in the year to March 31.

India's February imports from Iran were about 4 per cent lower than January's purchases, the data showed.

The rupee weakened to 69.68 to the dollar, while the one-year dollar/rupee forward premium fell to 3.63 from 3.89.

Inflation in the month of February quickened on the back of jump in the prices of food and fuel products, after falling to a 10-month low in January.

Analysts polled by Reuters had forecast February's annual increase in the consumer price index at 2.43 per cent.

On April 4, the Reserve Bank of India's Monetary Policy Committee (MPC) is widely expected to cut the benchmark repo rate for the second straight meeting.

Annual retail inflation picked up in February to 2.57 per cent

Consumer inflation stood at a provisional 2.57 per cent in February,government data showed on Tuesday.Consumer inflation in January was revised downwards to 1.97 per cent from 2.05 per cent, according to the official statement.

India is seeking investment from Saudi Arabia to build emergency crude reserves that will act as a buffer against volatility in oil prices and supply disruptions for the third-largest oil consumer.

The government was forced to shelf plans to sell national airline Air India last year after failing to attract a single bidder.

India's share of world exports is 1.7 per cent, while it buys 2.5 per cent of global imports, according to the World Trade Organization.