Reserve Bank of India (RBI) Governor Urjit Patel arrives to address a news conference in Mumbai on April 6, 2017.(AFP)
Reserve Bank of India (RBI) Governor Urjit Patel arrives to address a news conference in Mumbai on April 6, 2017.(AFP)

Remonetisation, GST to boost growth to 7.4% in 2017-18: RBI

The rapid pace of new currency notes coming into the hands of Indians along with the beneficial impacts of several reforms such as rollout of Goods and Services Tax will help the economic growth to rebound in 2017-18.
By Raj Kumar Ray | Hindustan Times, New Delhi
UPDATED ON APR 06, 2017 04:19 PM IST

The rapid pace of new currency notes coming into the hands of Indians along with the beneficial impacts of several reforms such as rollout of Goods and Services Tax will help the economic growth to rebound in 2017-18, the Reserve Bank of India said on Thursday.

Keeping the policy lending rate--repo--unchanged at its policy review, RBI forecast economic growth measured in terms of gross value addition (GVA) to 7.4% for 2017-18 from 6.7% last year.

India’s stats office CSO has estimated gross domestic product growth to slide to 7.1%

“Several favourable domestic factors are expected to drive this acceleration. First, the pace of remonetisation will continue to trigger a rebound in discretionary consumer spending,” RBI said in its policy statement.

While the November decision to weed out Rs 500 and Rs 1,000 notes hit economic activity, RBI said “activity in cash-intensive retail trade, hotels and restaurants, transportation and unorganised segments has largely been restored.”

Second, banks have passed on the benefit of past RBI rate cuts to consumers by lowering their respective lending rates after the demonetisation drive.

Third, various proposals in the Union Budget should stimulate capital expenditure, rural demand, and social and physical infrastructure, all of which would invigorate economic activity, the RBI said.

“The imminent materialisation of structural reforms in the form of the roll-out of the GST, the institution of the Insolvency and Bankruptcy Code, and the abolition of the Foreign Investment

Promotion Board will boost investor confidence and bring in efficiency gains,” it added.

Fifth, the RBI said an upsurge in initial public offerings in the primary capital market augurs well for investment and growth.

Also, the overall global environment is improving, with global output and trade projected by multilateral agencies to gather momentum in 2017. “Accordingly, external demand should support domestic growth,” RBI added.

Growth could be hit if the monsoon rains fall short of average and commodity prices firm up.

SHARE THIS ARTICLE ON
Close
As per the government, the objective of this auction is to obtain a market determined price of all the spectrum blocks.(Mint)
As per the government, the objective of this auction is to obtain a market determined price of all the spectrum blocks.(Mint)

Spectrum auction begins, 5G not included: All you need to know about bidding

By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
UPDATED ON MAR 01, 2021 04:14 PM IST
Here is what all you need to know about the much-awaited auction.
Close
Representational image. (Getty Images/iStockphoto)
Representational image. (Getty Images/iStockphoto)

Abolition of GST annual audit requirement could save up to 30K crore annually

By Rajeev Jayaswal
PUBLISHED ON MAR 01, 2021 04:03 PM IST
The Budget proposes removing the mandatory requirement of getting the accounts audited and reconciliation statement submitted by specified professionals, such as chartered accountants
Close
Petrol and diesel prices vary from state to state, due to various taxes levied by the central government and the state government concerned.(HT Photo)
Petrol and diesel prices vary from state to state, due to various taxes levied by the central government and the state government concerned.(HT Photo)

Gasoline sales record slowest growth in six months, diesel sales falls 5.3%

Reuters
PUBLISHED ON MAR 01, 2021 04:02 PM IST
Gasoline and gasoil prices in India have risen to record highs, mirroring global markets. Taxes account for about 61% of retail gasoline prices and about 56% of diesel prices.
Close
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.22 per cent to 91.07.(REUTERS)
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.22 per cent to 91.07.(REUTERS)

Rupee slips 8 paise to settle at 73.55 against US dollar

PTI, Mumbai
PUBLISHED ON MAR 01, 2021 03:56 PM IST
At the interbank forex market, the local unit opened at 73.76 against the greenback and witnessed an intra-day high of 73.19 and a low of 73.76.
Close
While traversing its journey from 549 to 50,000, the Sensex, up 91 times, has delivered 13.6% CAGR (compounded annual growth rate) returns in the last 35 years, say analysts.mint(MINT_PRINT)
While traversing its journey from 549 to 50,000, the Sensex, up 91 times, has delivered 13.6% CAGR (compounded annual growth rate) returns in the last 35 years, say analysts.mint(MINT_PRINT)

Sensex surges 750 points to end trading at 49,850; Nifty closes above 14,750

PTI, Mumbai
UPDATED ON MAR 01, 2021 04:06 PM IST
  • Meanwhile, the global oil benchmark Brent crude was trading 0.88 per cent lower at USD 65.39 per barrel.
Close
Bitcoin trading volumes are around $10 billion daily for the spot and futures market combined, compared with an equivalent figure of $100 billion for gold.(REUTERS)
Bitcoin trading volumes are around $10 billion daily for the spot and futures market combined, compared with an equivalent figure of $100 billion for gold.(REUTERS)

Bitcoin rises after Chinese region declares war on crypto mining

Bloomberg
PUBLISHED ON MAR 01, 2021 03:46 PM IST
  • Chinese officials first outlined proposals in 2018 to discourage crypto-mining
Close
A petrol pump employee wearing a face mask while attending to a customer in Trinagar, New Delhi.(Sanchit Khanna/HT File Photo)
A petrol pump employee wearing a face mask while attending to a customer in Trinagar, New Delhi.(Sanchit Khanna/HT File Photo)

India’s biggest oil retailers are focusing on rural revival

Bloomberg
PUBLISHED ON MAR 01, 2021 03:30 PM IST
  • The increasing economic importance of India’s hinterlands is influencing business expansion plans and accelerating a trend of more service stations being opened in the countryside.
Close
Prime Minister Narendra Modi. (ANI)
Prime Minister Narendra Modi. (ANI)

Contract farming will increase farm incomes, says PM Modi

By HT Correspondent | Edited by Zara Khan
PUBLISHED ON MAR 01, 2021 02:17 PM IST
The webinar, which was attended by agriculture minister Narendra Singh Tomar, focussed on effective implementation of budgetary allocations with regard to the agriculture and farmers’ welfare ministry
Close
Representational image. (AFP)
Representational image. (AFP)

Power sector: 7 more states implement reforms, earn more borrowing capacity

By Rajeev Jayaswal
PUBLISHED ON MAR 01, 2021 01:59 PM IST
On May 17, 2020, the Union government had raised states’ borrowing limit by 2% of GSDP for 2020-21, but 1% of the additional borrowing limit was available on implementation of four reforms with a 0.25% value each
Close
Delivery persons transporting LPG gas cylinders in a rickshaw cart in Patna (Parwaz Khan/HT Photo )
Delivery persons transporting LPG gas cylinders in a rickshaw cart in Patna (Parwaz Khan/HT Photo )

LPG cylinder prices hiked for fourth time in a month. Check latest rates here

By hindustantimes.com | Written by Kanishka Sarkar, Hindustan Times, New Delhi
UPDATED ON MAR 01, 2021 01:44 PM IST
The rates were earlier revised by 25 on February 4, 50 on February 15 and then again by 25 on February 25.
Close
The logo of Amazon is seen at the company logistics centre in Boves, France, (Reuters)
The logo of Amazon is seen at the company logistics centre in Boves, France, (Reuters)

Amazon quiz: Answer these 5 questions and win 10k Amazon Pay balance

By hindustantimes.com | Edited by Mallika Soni
UPDATED ON MAR 01, 2021 01:20 PM IST
The quiz began at 8am and will end at 12pm on Monday after which the winner list will be declared.
Close
Auction house Christie's has just launched its first-ever sale of digital art – a collage of 5,000 pictures, also by Beeple – which exists solely as an NFT. Reuters. (via REUTERS)
Auction house Christie's has just launched its first-ever sale of digital art – a collage of 5,000 pictures, also by Beeple – which exists solely as an NFT. Reuters. (via REUTERS)

A 10-second video clip authenticated by blockchain sold for $6.6 million

Reuters, London
PUBLISHED ON MAR 01, 2021 01:14 PM IST
  • The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.
Close
A security guard walks past the logo of the National Stock Exchange (NSE) building in Mumbai. (REUTERS)
A security guard walks past the logo of the National Stock Exchange (NSE) building in Mumbai. (REUTERS)

HDFC Securities briefly pause trading on NSE, operations back to normal

Reuters, Mumbai
PUBLISHED ON MAR 01, 2021 01:10 PM IST
Both Indian bourses - NSE and its rival BSE Ltd - issued statements saying their systems were working normally after some investors complained about the issue on social media.
Close
PM Modi said the food processing sector needs to be developed at a faster pace.
PM Modi said the food processing sector needs to be developed at a faster pace.

India needs post-harvest revolution or food processing revolution: PM Modi

By hindustantimes.com | Written by Meenakshi Ray, New Delhi
PUBLISHED ON MAR 01, 2021 01:09 PM IST
PM Modi, while addressing a webinar on budget provisions for the farm sector, highlighted the various initiatives taken by the government in the financial document for the next fiscal year.
Close
If the demand for the dollar increases, then the price of gold will come under pressure. (Bloomberg)
If the demand for the dollar increases, then the price of gold will come under pressure. (Bloomberg)

Gold prices fall by over 11,000. Is it safe to invest in the yellow metal?

By hindustantimes.com | Written by Meenakshi Ray, New Delhi
PUBLISHED ON MAR 01, 2021 10:43 AM IST
The fall in prices of gold and silver has left investors wondering whether they should invest in the precious metals or sell or hold what they have.
Close
SHARE
Story Saved
OPEN APP