 India's economy is expected to clock GDP growth of 7.5% in this financial year according to a Morgan Stanley report. The growth recovery will remain robust, supported initially by consumption and exports. In the January-March quarter, India's gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7% on robust performance by manufacturing and service sectors as well as good farm output. In aggregate, the report expect GDP growth to pick up to 7.5% in this financial year as against 6.7% in 2017-18. The report forecasts Consumer Price Index (CPI) inflation to remain slightly above the inflation target of 4% and the current account deficit below 2.5% of GDP. |
| Source-- The Moneycontrol |
 According to the state Minister for Public Health Engineering Banwari Lal, National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 772 crore for eight water projects in the rural areas of Haryana. Works on these projects, which will supply water to 256 villages and 72 hamlets, are in progress. The state government has sent three more project proposals, costing Rs 236.85 crore, to NABARD for financial assistance. |
| Source- Business Standard |
 First foreign lender to get nod; DBS waiting in the wings Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary route. It is the first foreign lender to receive such a licence after local incorporation was introduced in 2013. Singapore’s DBS Bank is another lender which is awaiting final approval from the RBI to convert its 12 branches into a wholly owned subsidiary. |
| Source- The Hindu |
 In 3rd Bi-monthly Policy Statement, the Reserve bank of India’s (RBI’s) monetary policy committee (MPC) raised policy rates by 25 basis points to 6.5% on account of inflationary pressures arising due to hike in minimum support price. The committee has increased the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5%. Consequently, the reverse repo rate under the LAF stands adjusted to 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75%. RBI also raised the average inflation projection for the second half of the year to 4.8% from 4.7% in June. The central bank expects inflation to edge higher to 5% in the first quarter of next fiscal year. The policy statement also cited the implementation of minimum support price hike as the primary factor stoking inflation this year. The government has fixed the MSP at 150% of the cost of production of all kharif crops. |
| Source- The RBI |
 India Post Payments Bank (IPPB) is expected to go live with 650 branches in addition to 3,250 access points co-located at post offices in August, 2018 following final clearance from Reserve Bank of India (RBI) to start. RBI has given approval to IPPB after testing its entire system. |
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 Prime Minister Narendra Modi laid the foundation stone of country’s first Mobile Open Exchange (MOX) zone in Noida, Uttar Pradesh. UP government had signed MoU with World Trade Centre, Noida at UP Investors Summit to develop Tech Zone which will act as catalyst for growth of mobile and allied sectors in the state. |
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 Invest India and Business France have signed Memorandum of Understanding (MoU) to promote investment facilitation and cooperation between startups of India and France. The MoU will facilitate direct foreign investment by providing practical investment information to enterprises. It will also support companies pursuing those opportunities which contribute positively to economic growth of two countries. |
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 At an event, Oxigen and Fincare Small Finance Bank signed an agreement to roll out the Branchless Banking services, using Oxigen's flagship Point of Sale device called the Oxigen Micro ATM Super PoS. The event graced by Brand Ambassador Grand Master Viswanathan Anand. Oxigen has been marching forward on its financial inclusion agenda to offer Branchless banking services to India's rural unbanked/underbanked segments. |
| Source- Business Standard |
 The 28th meeting of GST Council was held in New Delhi. It reduced tax rates on more than 50 items and exempted sanitary napkins, rakhis, stone, marble, wooden deities and Saal leaves from GST. Finance Minister Piyush Goyal chaired the 28th GST Council meeting in New Delhi. |
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Highlights On the changes that have been made in the meeting:
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 Private Sector Lender Federal Bank has received the regulatory nod to open offices in Bahrain, Kuwait and Singapore, but is awaiting local clearances before it starts operations. Federal Bank already has representative offices in Abu Dhabi and Dubai, and its desire to expand comes even as a majority of its larger peers are downsizing their overseas presence. |
| Source- The Economic Times |
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