RBI forecasts economic contraction, announces a sharp 40-bp rate cut

Projecting a contraction in growth for the latest fiscal, the Reserve Lender of India (RBI) on Friday went for a further 40 basis points slash in policy repo price, even as it warned that inflation, particularly in food, is on the rise yet again.

Repo price is the curiosity price the banking companies give the RBI to borrow revenue.

The 6-member financial policy committee (MPC) also held the policy stance unchanged at ‘accommodative’ for “as extensive as necessary” to revive growth.

“It is in the growth outlook that the MPC judged the hazards to be gravest,” RBI governor Shaktikanta Das

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Global deal to cut oil production in sight after Mexico signs up

The OPEC oil cartel and nations, which include Russia, have agreed to raise oil rates by slicing as a lot as 10 million barrels a working day in manufacturing.

Even extra nations, which include the US, have been discussing Friday their own cuts in what would be an unprecedented world wide pact to stabilise the marketplace.

The settlement amongst OPEC and spouse nations aims to minimize 10 million barrels per working day right until July, then an eight million barrels per working day minimize as a result of the stop of the 12 months, and 6 million a working day

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SpiceJet announces 10-30% cut in March salary for all employees

Budget provider SpiceJet has determined to slash 10-thirty per cent income of all its workers in March, with Chairman Ajay Singh opting for greatest thirty per cent trimming in payment, the airline explained in an e-mail conversation to the personnel on Tuesday.

“SpiceJet administration has determined to carry out a fork out slash in between 10-thirty per cent in March across our personnel base. Our Chairman and Handling Director (Ajay singh), in fact, has opted for the greatest slash of thirty per cent in payment,” the airline explained in the conversation.

Other funds carriers IndiGo and GoAir have presently announced

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AGR dues: COAI seeks easier payment terms for telcos, cut in licence fee

Marketplace human body COAI has sent out a distress signal to the govt searching for easier conditions for payment of statutory dues by telcos, together with extension of loans at lower prices to deal with AGR liabilities, as also quick implementation of ground selling prices, to rescue the troubled sect With the telecom field plunging into a deep, unparalleled crisis, the affiliation has lifted an alarm in excess of banks’ unwillingness to just take any danger with regard to the sector, and asserted the “have to have to give a crystal clear message to financial institutions that govt is there

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