Economy

Moody's had last week cut India's growth forecast to 7.3% from the previous estimate of 7.5%.

Since the MPC's meeting in early April, the price of Indian basket of crude surged from $66 a barrel to $74.

RBI's monetary policy committee raised the repo rate by 25 basis points to 6.25%, the first increase since January 2014.

The Reserve Bank of India (RBI) on Wednesday hiked the key lending or repo rate by 25 basis points to 6.25 per cent.

India is projected to regain its position as the world's fastest growing major economy advancing 7.3% this fiscal year and 7.5% in the next two.

Today marks the release of the RBI's second bi-monthly monetary policy statement for 2018-19.

The RBI's outlook will be guided by the unexpected rise in inflation and the robust growth that the economy registered in the quarter ended March 2018.

The Nikkei/IHS Markit Services Purchasing Managers' Index fell to 49.6 in May from April's 51.4, sinking below the 50-mark that separates growth from contraction.

While most economists in the latest Reuters poll expect the repo rate to remain at 6.00 per cent on Wednesday, a majority forecast the RBI to raise it by 25 basis points to 6.25 per cent in August.

The MPC, headed by RBI Governor Urjit Patel, will for the first time meet for three days as against the usual two.

The tool conducts big data mining and data exploration, said a Home Ministry statement, adding that its dashboard will be integrated with the bank accounts of FCRA-registered entities through the Public Financial Management System for updation of transactional data on a real-time basis.

According to the RTI replies, the Pr-CCIT, Hyderabad had stated that it had written off a total of Rs 3,002.20 crores in two financial years, 2016-2017 and 2017-2018.

A slower expansion in output and local demand pushed the Nikkei Manufacturing Purchasing Managers' Index down to 51.2 in May from April's 51.6.

Strong GDP data is adding to calls for RBI Governor Urjit Patel to pull the rate trigger at the June 6 monetary policy meeting.

Economists had estimated the March quarter GDP growth number at 7.3 per cent, according to a Reuters poll.