Mumbai: The finance ministry’s top economist Arvind Virmani justified the government’s higher market borrowing, saying it is the only way to boost spending and support a slowing economy.
The government plans to borrow Rs3.06 trillion in the year ending 31 March and Rs3.61 trillion in the year starting 1 April. Cutting taxes and spending could be deflationary, Virmani said in Mumbai on Friday.
No sign of financial crisis in India, says RBI
Mumbai: There are no signs of financial crisis in India, Reserve Bank of India deputy governor Usha Thorat said on Friday. “The Indian financial sector has shown resilience and there are no signs of a currency crisis or a banking crisis,” she said in a speech at a seminar.
Govt announces contest to pick symbol for rupee
New Delhi: The government announced on Friday a contest to design a global symbol for the rupee so that the currency can join the likes of the dollar and the yen which already have their own identifiable symbols.
“Major world currencies like the US dollar, pound, yen and euro have an identification symbol. The government of India is also proposing to have a symbol for the rupee,” finance ministry official B.S. Rawat said.
“The symbol for the Indian rupee is to be selected through a public competition” that closes on 15 April, Rawat said. The contest is open to artists who are “resident Indians”.
The winning designer will get a prize of Rs2.5 lakh and will have to surrender the copyright of the design to the government, the finance ministry said.
India’s forex reserves decrease by $249mn
Mumbai: India’s foreign-exchange reserves fell $249 million (Rs1,282 crore) to $249.3 billion in the week ended 27 February, the Reserve Bank of India (RBI) said.
Foreign-currency assets declined $1.11 billion to $238.7 billion, while the nation’s gold reserves increased $862 million to $9.75 billion, RBI said in an emailed statement.