Business

The Reserve Bank (RBI) is likely to maintain status quo at its monetary policy review on Wednesday as it would like to gauge the impact of GST rollout on inflation, say experts.

Delhi Deputy Chief Minister Manish Sisodia on Monday raised concerns over real estate and liquor industry being left out of the the GST ambit and suggested it was done because they were being run by "influential people".

World Bank expects India, the fastest growing major economy in the world, to grow at 7.2% in the current fiscal and further up to 7.7% by 2019-20 on strong fundamentals, reform momentum and improving investment scenario.

The finance ministry has initiated the process for finding new chief of the country's largest lender State Bank of India (SBI) as Arundhati Bhattacharya's extended term comes to an end on October 6.

Benchmark BSE Sensex rebounded about 123 points in early trade on Thursday on fresh buying by investors, tracking a firm trend in other Asian bourses.

"As far as industrial alcohol is concerned, or any inputs of industrial alcohol, all of them would be under the GST ambit and the rate which we are going to put is 18 per cent," Adhia told CNBC TV18.

The survey was carried out to map the expectations of banks and financial institutions.

Foodgrains and common-use products like hair oil, soaps and toothpaste as also electricity will cost less from July 1 when the GST is scheduled to be rolled out as the all-powerful GST Council on finalised tax rates for the bulk of the items.

The Sensex on Monday bounced nearly 166 points to 30,354 in early part, taking comfort from positive inflation numbers, with the hope that earnings momentum by blue-chips will keep up foreign capital inflows.

Piramal Enterprises on Friday said it is looking to expand its real estate development business and also expects to have a licence to start providing home mortgages by July.

irfares as well as the government subsidy for airlines under the regional air connectivity scheme will be revised every three months depending on inflationary trends.

Global rating agency Moody's today said the new NPA resolution mechanism are broadly the same as the earlier moves and overlooks key constraints on capital, which makes recovery from dud loans a long-drawn affair.

The dollar gained strength against other currencies overseas as investors raised expectations of another US interest rate hike next month which weighed on the domestic unit, forex dealers said.

Civil Aviation Minister Ashok Gajapathi Raju on Thursday said the air cargo sector is likely to grow at nine percent over the next few years.

The Federal Reserve has left its benchmark interest rate at a still-low level near 1 percent while signalling that it expects a resilient U.S. economy and solid job market to justify higher rates later this year.

The BSE 30-share Sensex surged 287 points to end at a three-week high of 29,943.24, after shuttling between 29,961.82 and 29,780.84. The gauge had gained 290.54 points yesterday.