Home, auto loans to get cheaper! RBI makes repo-linked interest rates mandatory
The Reserve Bank of India has mandatorily asked banks to link their loan products to key repo rates or external benchmarks. The change will come into effect from October 1, 2019. The move will make home loans and auto loans cheaper from October onward as the banks will now be forced to pass on the multiple rate cuts the RBI has made in recent monetary policy meetings.
Unemployment rate hits three-year high of 8.4% in August: CMIE
India's unemployment rate hit a 3-year-high of 8.4 per cent in August 2019, reveals data released by think-tank Centre for Monitoring Indian Economy (CMIE). The weekly unemployment rate in the country stood between 8 and 9 per cent in August 2019, as compared to 7-8 per cent range observed in July, CMIE said. The agency noted that the unemployment rate has hit the highest level since September 2016.
PM Modi discusses 5G, start-ups, defence issues with Japanese PM Shinzo Abe in Russia
Prime Minister Narendra Modi on Thursday met his Japanese counterpart Shinzo Abe and the two leaders pledged to deepen the robust bilateral ties in a number of areas, including in economic and defence sectors. Modi, who arrived in Russia on a two-day visit, is the first Indian prime minister to visit to the Russian Far East Region.
India likely to miss fiscal deficit target amid pressure for more stimulus: report
India is likely to miss its fiscal deficit target for the current financial year, despite receiving an additional dividend from the Reserve Bank of India (RBI), five government officials and advisers said, as tax collections have sunk amid a sharp slowdown. With economic growth falling to a six-year low of 5% in the April-June quarter, the sources said the government could toward the end of 2019 be forced to raise the fiscal deficit target to 3.5% of GDP from 3.3%, amid pressure for additional stimulus measures.
Moody's upgrades PNB outlook to 'positive' after merger announcement
Global rating agency Moody's Investors Service on Wednesday upgraded the outlook on Punjab National Bank (PNB) to 'positive' from 'stable' after the government announced its merger of Oriental Bank of Commerce and United Bank of India.
If my opponent had won election, China would have become bigger economy than US: Trump
Reiterating that China has taken advantage of the US and the World Trade Organization, President Donald Trump on Wednesday asserted that their economy is not doing good because of his trade and tariff actions. Trump asserted as a result of his policies the US has created tremendous wealth in this country since he was elected. "Had my opponent won, within two years, in my opinion -- maybe less -- China would've been a bigger economy than the United States," he said.
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