Ahead of the monetary policy review next month, RBI governor Raghuram Rajan met finance minister Arun Jaitley on Tuesday.
While Rajan did not elaborate on the agenda of the meeting, sources said that issues including the current macro-economic situation, particularly the divergence between wholesale and retail price inflation rates were discussed.
The RBI, which has been under pressure to cut rates in order to boost investments and growth, is scheduled to announce the bi-monthly monetary policy on August 4. While retail inflation in June rose to an 8-month high of 5.4 per cent, the overall Wholesale Price Index (WPI) based inflation was (-) 2.4 per cent in the same month.
Pipavav joins hands with JSC to refit submarines
New Delhi: Pipavav Defence and Offshore Engineering Co Ltd (PDOC) on Tuesday announced the signing of an agreement with JSC Ship Repairing Centre Zvyozdochka, Russia for medium refits and life certification of 877 EKM Submarines in India. “PDOC proposes to execute the Program under a Joint Venture, with 51 per cent stake, consistent with MoD regulations,” a release from the firm said. “This will also mark the first time the work for refit of submarines is being considered for the private sector in India. The indicative value of work proposed to be undertaken by the proposed JV is approximately Rs 11,000 crore,” it added. ENS