Economy

The RBI cut the repo rate to 5.75 per cent on June 6, its third cut in 2019, while also changing its policy stance to "accommodative"

India's GDP growth declined for the fourth consecutive quarter in January-March, with the economy expanding by 5.8 per cent

Monsoon rainfall was 43 per cent lower than normal so far in June, but in some states, such as Maharashtra, the rainfall deficit was as high as 68 per cent, data compiled by the state-run India Meteorological Department (IMD) showed. Lower production of soybeans could force the country to raise imports of edible oils such as palm oil and soyoil, while a drop in cotton output could limit the world's biggest fibre producer's exports. For the June to September monsoon season, the country is likely to receive 96 per cent of the average of rainfall received during the past 50 years, the IMD forecast last month.

According to Economic Survey, the service sector has shown a growth of 1 per cent over last year. It is estimated at 9.2 per cent for year 2018-19.

The economy, reeling under a consumption slowdown owing to farm distress, stagnant wages and high interest costs, will be hit hard by such a weather phenomenon.

Oil imports rose by 8.23 per cent to $12.44 billion and non-oil imports expanded by 2.9 per cent to $32.91 billion during the month under review.

Analysts, investors and economists expect the government to address these concerns in its upcoming full-year Budget, scheduled to be presented in Parliament on July 5.

Friday's data showed wholesale inflation in May was at the lowest level since July 2017, when it had stood at 1.88 per cent.

The US was the world's top recipient of FDI with $252 billion and was followed by China, which got $139 billion in FDI

Now, Arvind Subramanian, a well-regarded economist who was till last year one of PM Narendra Modi's most senior advisers, has argued in a Harvard working paper that the country's official figures overestimate growth by several percentage points.

Analysts polled by Reuters had forecast May's annual increase in the consumer price index at 3.01 per cent.

The latest set of inflation data comes days after the Reserve Bank of India (RBI) reduced the repo rate - the key interest rate at which it lends short-term funds to commercial banks - to a nine-year low of 5.75 per cent.

The RBI changed its stance to "accommodative" from "neutral" last week and cut interest rates for the third time in a row

State-run oil marketing companies review fuel prices on a daily basis and any revisions are implemented at the fuel stations with effect from 6 am

The revised framework for resolving stressed assets by offering lenders a 30-day period to label an account an NPA but has withdrawn all other resolution methods.