Economy

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.

This will provide some relief to policymakers and bolster hopes for a recovery in economic growth this quarter after Asia's third-largest economy lost momentum in the final three months of 2018.

The government slashed GST to 5 per cent and 1 per cent on the under-construction and affordable housing projects

Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA), said the Second Advance Estimates of GDP factored in a higher base.