Al-Wazir inaugurates glass factory, lays foundation stone for new appliance plant at Elaraby Group    New expansion projects, public-private partnerships to modernize, localise industry: El-Shimy    A blaze that exposed Egypt's fragile digital backbone    Al-Sisi attends high-level African summit to strengthen continental coordination, regional integration    Egypt, Mexico discuss environmental cooperation, combating desertification    Egypt launches anti-drug awareness campaign for drivers    Germany faces recruitment hurdles in push to rearm, eyes conscription    HDB expands national footprint with 'Acacia' branch in New Cairo    Lavrov warns against anti-Russia alliances in Asia during North Korea visit    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    S. Korea's c. bank holds base rate at 2.50%    Egypt's annual core CPI inflation eases to 11.4% in June: CBE    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



As growth slows, India central bank makes 4th rate cut this year
Published in Amwal Al Ghad on 14 - 08 - 2019

India's central bank cut interest rates for the fourth time this year, as New Delhi battles sluggish economic growth and high unemployment.
The Reserve Bank of India (RBI) said the benchmark repo rate – the level at which it lends to commercial banks – would be reduced by 35 basis points to 5.40 per cent, taking rates to their lowest level since 2010.
“The monetary policy committee was of the view that a 25 basis point rate cut was inadequate due to evolving global economic conditions while a 50 basis point cut would be excessive,” RBI governor Shaktikanta Das told reporters.
“Hence, 35 basis points was viewed as a balanced level of cut due to the current circumstances.”
All 36 economists surveyed by Bloomberg News had predicted the central bank would cut rates by 25 basis points.
A fall in domestic demand lowered India's growth rate in the last quarter to 5.8 percent, with unemployment at its highest since the 1970s.
Indian carmakers including Mahindra & Mahindra have halted production and reported falling sales as consumer demand fell throughout 2019.
“Domestic economic activity continues to be weak, with the global slowdown and escalating trade tensions posing downside risks,” the central bank added in a statement.
The RBI revised down its growth projection for 2019-20 from 7.0 per cent to 6.9 per cent, noting that the global economy has been losing pace.
Prime Minister Narendra Modi, who won a second landslide victory in recent national elections, faces a massive challenge to create enough jobs for the 1.2 million Indians who join the labour market each month.


Clic here to read the story from its source.