Business, Economy & Banking Current Affairs - 2019
Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.
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RBI Governor D Subbarao has defended the central bank’s stance on choosing inflation over growth, saying that when the “inflation threshold limit is crossed, it becomes difficult to make a trade-off.”
He explained that there is a threshold level of inflation. If the inflation is below that level, then RBI can make that trade-off. But if it isn’t, then it can’t afford to do the same as inflation hurts the poor section of the country the most and for this reason some sacrifice of growth is inevitable to curb inflation. He said that this sacrifice in growth is only for the short-term. In the long-term, curbing inflation will be supportive of growth.
He refused to give any time-frame of the current cash-tightening measures taken by the central bank and indicated that these measures will stay until volatility in the foreign exchange market is curbed.
The Cabinet Committee on Economic Affairs (CCEA) approved the proposal for sale of 10% of government stake in country’s largest refiner Indian Oil Corporation (IOC), which is likely to generate around Rs.3,840 crore to the exchequer.
The selling will be carried out through the offer for sale route. Currently, the government controls 78.92% stake in IOC. IOC has a market capitalisation of Rs.54,519 crore. It posted a net profit of Rs.5,005 crore in 2012-13, up from Rs.3,954 crore in the 2012. The government has set the disinvestment target of Rs.40,000 crore through the stake sale of public sector undertakings. So far, it has fetched Rs.929 crore through stake sale in MMTC, Hindustan Copper and National Fertiliser.