News digest: Govt bats for rate cut, Subramanian to stay as CEA, and more

From CEA Arvind Subramanian's term extension to Modi's promise of providing housing to all, BS brings you up to speed with latest

Govt bats for rate cut to revive growth

The government has started advocating another rate cut from the Reserve Bank of India’s six-member Monetary Policy Committee (MPC) — to spur lending and consumption, and revive the economy. “There is scope for monetary easing because of inflation projections. Inflation last month picked up but our analysis has taken that into consideration… We had based it on a mid-term inflation of 4 per cent,” said a senior official on Saturday when asked what the Centre thought of another rate cut. The next meeting of the MPC is on October 3-4.