Economy

Government imposes a 30 per cent corporate tax rate on domestic companies and 40 per cent on foreign firms.

The outlook reflects growing skepticism among economists and investors that the US economy will be able to withstand a protracted trade war with China without serious harm amid the weakening global outlook. President Donald Trump and his advisers insist that the US economy is strong and stable, pointing to robust consumer spending.

Total employment increased from 5.44 million as of March 2017 to 5.78 million in 2018, which is an increase of 6.2 per cent, according to the study.

The forecasts all badly lag the government's longer-term target of getting the economy humming at rates above 8 per cent.

Commercial banks cite high deposit rates for their inability to cut loan ones. Marginal reductions restrict how much borrowers benefit from the repo cuts.

RBI Governor Shaktikanta Das said he expected banks to move quicker on linking the lending rates with the central bank's repo rate towards better transmission to support consumption and demand.

Increased spending by the government and the upcoming festival season would boost demand, said Rajnish Kumar.

There will be relief to the sectors in stress through policy interventions like for the auto sector, according to the report.

Prime Minister Narendra Modi on Thursday held a meeting with officials to discuss steps to arrest a slowdown, the source added.

The report also added that the overall market valuations offer little in terms of investment inputs currently.

In India, digital payments have climbed more than five times since 2015 to 22.4 transactions per person in the year ended March, Reserve Bank of India figures show.

Oil imports declined 22.15 per cent to $9.6 billion, and non-oil slipped by 5.92 per cent to $30.16 billion.

Monsoon rains are crucial for farm output and growth as the agricultural sector forms about 15 per cent of the country's $2.5-trillion economy.

The wholesale inflation data comes a day after separate official data showed consumer inflation (gauged by the Consumer Price Index) eased to 3.15 per cent last month, from 3.18 per cent in June.

The stimulus is also likely to cover the financial markets that have shown volatility in recent weeks and particularly after the Budget presentation.