Economy

The Ministry of Statistics said that GDP growth according to the First Revised Estimate stood at an upwards revised 7.2 per cent in 2017-18, as against the Provisional Estimate of 6.7 per cent in May 2018.

The demand on the central bank comes right in the middle of its financial year that runs from July to June.

The nonpartisan Congressional Budget Office said the cost of the shutdown would make the US economy 0.02 per cent smaller than expected in 2019.

At the meeting, Piyush Goyal also took note of the reduction in non-performing assets (NPAs) of banks under Prompt Corrective Action (PCA) framework.

Investors have turned skittish about the health of India's finances amid signs that the government is ready to sacrifice fiscal discipline as it weighs an aid package to appease farmers, a key voting block.

Moody's Investors Service has already forecast a slippage in fiscal deficit to 3.4% in the current fiscal against the budgeted target of 3.3%

The government has not commented on Arun Jaitley's medical condition.

The Centre is also evaluating the scheme followed by the Telangana and Odisha governments wherein a fixed amount is transferred directly to farmers.

Over two-thirds of the 65 economists polled between January 21-23 said the RBI would hold its repo rate at 6.50% at its next policy review on February 7.

On the global economic prospects, the report said it would continue to grow at a steady pace of around 3 per cent in 2019 and 2020, after expanding by 3.1 per cent in 2019, "amid signs that growth has peaked."

The government is set to earmark about Rs 1.8 lakh crore for food subsidies next fiscal year as it tries to contain its budget deficit ahead of the next general election due by May.

If PM Modi got a strong mandate, government could even consider selling majority stakes in some of the state-owned banks, the official said.

The trade deficit in 2018, according to Chinese official data, climbed to $57.86 billion from $51.72 billion in 2017 in about $95.54 total bilateral trade.

Especially in borrower countries like Greece and Argentina, the IMF still gets portrayed as an enforcer of one-size-fits-all policies based on austerity and the unimpeded flow of goods and money.

The International Monetary Fund in its January World Economy Outlook update on Monday said India would remain the fastest growing major economies of the world.