For India this week started with a bad note as 16 Indian states lost power (electricity). It didn’t happen for one day but for a couple of days. The Super Power India went power less for hours. The exact cause of failure is unknown. Read more on this wiki page.
Poor rainfall can pull down economic growth to 6%: With poor rainfall on charts planning commission’s deputy chairman Montek Singh Ahluwalia said that India’s GDP may extend only 6% in the current fiscal. Earlier this year Indian GDP dipped to 9 years low of 6.5%.
e-Filing of I-T returns date has been extended to 31st of August 2012. The decision to extend the due date for filing of returns has been taken “on consideration of the reports of disturbance of general life caused due to failure of power and further in consideration of the fact that the e-filing of returns for a specified category of individuals and Hindu Undivided Family (HUF) has been made mandatory,” a press note from the Central Board of Direct Taxes (CBDT) said. [source]
The Reserve Bank of India (RBI), on Tuesday, kept the key indicative policy rates unchanged while it cut the gross domestic product (GDP) forecast for the current financial year from 7.3 per cent to 6.5 per cent and raised the inflation forecast from 6.5 per cent to 7 per cent. However, the RBI cut the Statutory Liquidity Ratio (SLR) by one percentage point from 24 per cent to 23 per cent which is expected to provide liquidity of around Rs.60,000 crore. [source]
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