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The Indian economy’s recovery is likely to be ‘K-shaped’ instead of a ‘V,’ as rising inequality is poised to hit consumption and growth prospects, according to the country’s former central bank Governor Duvvuri Subbarao. “An important consequence of the pandemic has been the sharpening of inequalities,” he said in an interview Friday. “Growing inequalities are not just a moral issue. They can erode consumption and hurt our long-term growth prospects.” India’s gross domestic product is forecast to grow by as much as 12.5% in the current fiscal year ending March, which ...

India To See 'K-Shaped' Recovery As Demand Hit, Says Ex-RBI Head India To See 'K-Shaped' Recovery As Demand Hit, Says Ex-RBI Head India's gross domestic product is forecast to grow by as much as 12.5% in the fiscal year that began April 1, which would make it the world's fastest growing major economy. Updated: April 12, 2021 2:17 pm IST The Indian economy's recovery is likely to be shaped like a K rather than a V, as rising inequality is poised to hit consumption and growth prospects, the country's former central bank governor said. "An important consequence of the pandemic has been the s...

By Reuters Staff 9 Min Read April 7 (Reuters) - The Reserve Bank of India (RBI) kept interest rates steady at record lows on Wednesday, as widely expected, sticking to its accommodative monetary policy amid concerns that rising COVID-19 infections could derail the country’s nascent economic recovery. The RBI kept the repo rate or its key lending rate steady at 4%, while the reverse repo rate or its borrowing rate was left unchanged at 3.35%. India’s central bank has slashed the repo rate by a total of 115 basis points (bps) since March 2020 to soften the blow from the pandemic. This follo...

Apr 07 2021, 5:10 PM April 07 2021, 10:02 AM April 07 2021, 5:10 PM (Bloomberg) -- (Bloomberg) -- India’s central bank took a step toward formalizing quantitative easing, pledging to buy up to 1 trillion rupees ($14 billion) of bonds this quarter to keep borrowing costs low and support the economy’s recovery. The debt purchases under the program in the secondary market will start from April 15, Reserve Bank of India Governor Shaktikanta Das said Wednesday, after policy makers held the benchmark repurchase rate at a record low 4%, a decision predicted by all 30 economists surveyed ...

Mumbai: India's central bank formalized a quantitative easing program, pledging to buy up to 1 trillion rupees ($13.5 billion) of bonds in the secondary market this quarter as it sought to keep borrowing costs low to support an economic recovery. The debt purchases will start from April 15, Reserve Bank of India Governor Shaktikanta Das said Wednesday, after policy makers held the benchmark repurchase rate at a record low 4%, a decision predicted by all 30 economists surveyed by Bloomberg. Bonds rallied, with the 10-year bond yield dropping 11 basis points from an intraday high of 6.19% to 6....