The idea is to increase the excise duty on IMFL, especially on the largely consumed mid-segment liquors, and then reduce taxes on petrol and diesel.

Dimon said that India's world beating economic growth as well as critical reforms such as GST and the first step in bank mergers are advantages that far outweigh fears arising out of macroeconomic imbalances and a sliding currency

On Tuesday, the rupee closed at its all time low of 72.98, falling 47 paise against the US currency due to surging crude oil prices and escalating trade war worries. Earlier in the day, the Indian currency hit a historic low of 72.99 in late afternoon deals.

The authorities plan to have the terminal all working for the gigantic Terminal 5 that is scheduled to open at the end of the next decade.

The auction on Monday raised about $1.6 million, government official Mohammad Asif told local Geo TV. That is just one-tenth of the amount PM Imran Khan had predicted, and only 61 of just over 100 vehicles were sold.

The drop in value of rupee and spike in international crude oil prices may force the government to curb imports of non-essential commodities including gold.

The bonds are directly pegged to the Indian currency. So, investors will directly take the currency risk or exchange rate risks. If the value of Indian currency falls, the foreign investor will have to bear the losses, not the issuer which is an Indian entity or a corporate.

Gender diversity is missing in large areas of the financial services industry. There is no easy way out.

Almost two years after the last Bharat Bandh, educational institutes, transport services, and stores were shut in large parts of India as Opposition parties protested the continued rise in fuel - diesel and petrol - prices.

The GDP back series data 'accidently' became public thanks to a report on real sector statistics prepared by a committee constituted by the National Statistical Commission. In the din that ensued, some of the more serious concerns that the committee raised regarding quality of the data got lost. Business Today's Prosenjit Datta and Dipak Mondal caught up with Sudipto Mundle, chairman of the Committee on Real Sector Statistics, which prepared the new series, to dig deeper into the observations made in the report. Edited excerpts:

The rise of the debt-prone economy indicates that the future will remain volatile.

The yoga guru also calls for bringing petrol and diesel under the lowest slab of the GST, and not the 28 per cent rate, as people's \"pockets are being emptied\".

The government is determined to keep fiscal deficit at 3.3 per cent of GDP on the back of buoyant tax revenues and expectations of surpassing the disinvestment target.

Finance Minister Arun Jaitley said that external factors like policies adopted by the United States, trade tensions and skyrocketing crude oil prices are impacting economies like India, despite \"strong fundamentals\".

Strong performers in India included Delhi and Hyderabad, with Delhi achieving the largest employment increase in the region and Hyderabad boasting the fastest GDP per capita growth rate of 8.7 per cent.

Honest businessmen are being encouraged through several laws like GST and Insolvency and Bankruptcy Code, PM Narendra Modi said.

The government also issued a statement thatthe rupee would not be allowed to crash to an unreasonable level which further bolsteredsentiments and enabled the rupee to climb back to 72.18 vis-a-vis the US dollarat the end of the day to settle at 51 paise higher than the previous day'sclose.

While the Sensex rose 325 points to hit an intra day high of 37,738, the Nifty recovered 93 points to touch 11,380 level. Top gainers on the Sensex were Adani Ports (2.82%) , Sun Pharma (2.77%) and ITC  (2.59%).

The Reserve Bank of India (RBI) has highlighted that the fiscal deficit of all 29 Indian states would decline to 2.6 per cent of gross domestic product (GDP) as per their FY2019 Budget Estimates (BE), from 3.1 per cent of GDP as per their FY2018 Revised Estimates (RE).

India pips Japan in GDP based on purchasing power parity; Raghuram Rajan blames 'over optimistic bankers' for bad loans, NPA mess; GAIL India aims to add 5,500 km gas pipeline in 3 years; and Deepak Kochhar summoned by Corporate Affairs Ministry in ICICI Bank-Videocon loan case. Watch this episode of Business Wrap.