Economy

S Gurumurthy has been a vocal member on the RBI board asking for easier lending and capital restrictions for the country's banks.

Fitch said it expects India's real GDP growth to rise to 7.8 per cent in the fiscal year ending March 31, 2019, from 6.7 per cent in FY2017-18.

The deficit widened despite a steep decline of 42.9 per cent in gold imports to $1.68 billion during the month under review.

NBFCs have become increasingly important in supporting consumer spending as the nation's formal banking sector is weighed down by bad loans.

The government is planning a 25 per cent to 30 per cent hike in tariffs for local gas pipelines by end-December, an industry source with direct knowledge of the matter said.

Wholesale prices of food articles, vegetables, pulses, and onion witnessed a deflation of 1.49 per cent, 18.65 per cent, 13.92 per cent, and 31.69 per cent respectively.

RBI Governor Urjit Patel is believed to have met Prime Minister Narendra Modi last week in a bid to work out a solution on contentious issues that have been flash point between the central bank and the government during the last few weeks.

The rate, which includes food and energy prices, dropped in October to 3.31 per cent on a year-on-year basis, the slowest pace in 13 months and remains below the Reserve Bank of India's (RBI) medium-term target of 4 per cent for a third straight month.

Analysts polled by Reuters had forecast October's annual increase in the consumer price index at 3.67 per cent, compared with a downwardly revised 3.70 per cent in September.

Monday's data supports the central bank's surprise decision to hold interest rates in its last policy statement. The RBI had, in its October 5 meeting, decided to maintain status quo on key lending rates, while ruling out any reduction for the time being.

The CIC had issued the notice to Urijit Patel as the RBI refused to disclose the list of big loan defaulters in spite of orders of the Supreme Court.

According to sources, the board meetings are pre-decided and the agenda is also circulated much in advance.

While country's growth is picking up again, there is the issue of oil prices, Rajan noted.

Non-food credit rose Rs 31,230 crore to Rs 89.79 crore, while food credit rose Rs 9,510 crore to Rs 55,030 crore.

Government's fiscal math "is completely on track" and dismissed media reports that it was seeking Rs 3.6 lakh crore from RBI's reserves, says Subhash Chandra Garg, economic affairs secretary.