News Digest: RBI cuts growth forecast, Modi slams UPA over GDP, and more

From Govt keeping oil excise hike option open to investment by foreign telcos going up, BS brings you up to date with latest news

RBI cuts growth forecast

The Reserve Bank of India (RBI) kept its policy rates unchanged on Wednesday, revised its inflation forecast for the second half of the fiscal year, and lowered the growth forecast sharply, while asking the government not to be too ambitious with its fiscal stimulus package. Read more
 
Economy on right track: PM Modi

Prime Minister Narendra Modi on Wednesday lambasted the critics of his government’s economic policies and expressed commitment to carrying out further reforms to reverse the trend of declining GDP (gross domestic product) growth. Read more
 
Loan pricing via external benchmark likely soon

The Reserve Bank of India pulled up lenders for keeping interest rates on loans at a higher level and said it would make another system to fix rates for such loans. Read more
 
Govt keeps oil excise hike option open

A day after the Union government cut the excise duty on petrol and diesel by Rs 2 a litre, a senior finance ministry official hinted on Wednesday that the levy could be hiked to the previous level once global crude oil prices cool down. Read more
 
Investment by foreign telcos goes up in smoke

Russia’s Sistema invested Rs 22,767.5 cr, but the value of its 10 per cent stake in RCom, with which it has merged, is just over Rs 400 crore. Read more