UK urges collective response to attacks on Saudi oil facilities    Saudi Arabia says full production restored within the month    Mexican embassy celebrates Independence Day with reception    'Egypt will not allow any country to impose its will on another in Ethiopian dam issue,' FM says    Cameroon's longtime FIFA official Hayatou back in African soccer work    Egypt's new listing amendments mandate more women on boards    The Latest on Israeli election: Arab leader Ayman Odeh urges high turnout in Israeli vote    Top UK court hearing challenge to Johnson's Parliament break    Inter's Conte fumes over media's fixation on formations    Egypt, Ethiopia at odds as talks over Blue Nile dam resume    PSG forwards Mbappe, Cavani ruled out of Real Madrid clash    5 plant-based soup recipes to warm your body and soul    Egypt's Ahly to train for Super Cup game against Zamalek immediately    UK to support investment in Egypt with £13mn – official    US waiting and watching on oil reserve, market well supplied: Perry    FTSE 100 steadies after Saudi attacks; Sirius Minerals plummets    President Sisi: Egyptians' awareness led to success of economic reforms    Egypt looks to develop peaceful nuclear energy capabilities – minister    European markets set for cautious open as investors focus on geopolitics, trade    Egypt says GERD talks with Ethiopia 'stumbled', next round in Khartoum in October    Egyptian navy rescues tourists aboard yacht adrift in Red Sea    Tutankhamun Opera to debut with inauguration of Grand Egyptian Museum: Zahi Hawass    Egyptian transport start-up Swvl plans IPO in 5-10 years    Egypt court sentence 6 to death for joining terrorist group, manufacturing explosives; 8 acquitted    Trump says US ‘locked and loaded' for a potential response to Saudi oil attack    Brexit will be delayed again when PM Johnson's deal falls: Nigel Farage    Egyptian gov't working to remove trash in Ismailia    'Al-Daheeh' host Ahmed El-Ghandour shortlisted for IBC's first 'Young Pioneer' award    Egypt's Zamalek suffer surprise 2-1 defeat at Senegal's Generation Foot    Egypt's Sisi discusses education, terrorism at national youth conference    Sisi to open 8th edition of the National Youth Conference Saturday    Spotify buys music production marketplace SoundBetter    Egypt's Ahly striker Amr Gamal joins Talae El-Geish for 2 seasons    Egypt's PM discusses details of Al-Hussein Mosque renovation    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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.