Economy

The net NPAs ratio also witnessed a fall at 5.3 per cent in September 2018 as against 6.2 per cent in March 2018, RBI said in its Financial Stability Report.

According to RBI's report, gross NPAs ratio declined to 10.8 per cent in September 2018 from 11.5 per cent in March 2018.

The lowest expansion in output growth of these key industries was last recorded in July 2017 at 2.9 per cent.

Finance Minister Arun Jaitley said that central banks of most of the countries keep a reserve of 8 per cent, while some conservative central banks maintain 14 per cent reserves.

The 19 nationalised banks, including PNB and Canara Bank, reported a net loss of Rs 21,388 crore in the first half of the fiscal. This compares with a combined loss Rs 6,861 crore in the similar period of 2017-18.

The benchmark 10-year bond yield ended at 7.39 per cent, up 11 basis points on the day and 1 basis point below the day's high which was reached after the farm loan package news.

The government will also seek relief from Canada over quotas and tariffs next month, Binoy Kumar, secretary in the steel ministry, told reporters.

The government is widely expected to miss its fiscal deficit target of 3.3 per cent of GDP (gross domestic product) in the current fiscal year, or announce spending cuts in the last quarter.

The panel will include Economic Affairs Secretary Subhash Chandra Garg and RBI deputy governor N S Vishwanathan.

Petrol prices were reduced by seven paise per litre in the four metros on Tuesday, while diesel prices were kept unchanged compared to the fuel rates on Monday. The new petrol and diesel prices are implemented at the fuel stations with effect from 6 am every day.

Finance Minister Arun Jaitley said the country should look towards having GST slabs of zero, five per cent and a standard rate for luxury and sin goods. The government will also look at transferring cement into a lower tax slab as the next priority, Mr Jaitley added.

With the latest rate cut announcement, only 28 items including cement, luxury and 'sin' goods remain in the highest tax bracket of 28 per cent.

The GST Council, headed by the finance minister, in its 31st meeting on Saturday decided to cut rates on 23 commonly used goods and services, which will lead to an annual revenue loss of Rs 5,500 crore.

The GST council, headed by finance minister Arun Jaitley, agreed to lower the tax on some goods including televisions, batteries and movie tickets.

The Goods and Services Tax (GST) Council on Saturday removed seven items from the 28 per cent tax bracket. While six items, such as monitors and TVs up to 32 inches, digital cameras and video game consoles, were shifted from the tax slab of 28 per cent to 18 per cent, one - parts and accessories for carriages for people with disabilities - was moved from 28 per cent to 5 per cent, the government said in a statement. The new GST rates will take effect from January 1, 2019, Finance Ministry Arun Jaitley said.