Govt Sources: India likely to unveil measures to boost growth, Rupee tests 71.00 vs. USD

Reuters quotes two Indian government sources, as saying that the country’s Finance Minister Sitharaman is likely to roll out stimulus measures to boost economic growth.

Key Headlines:

The measures include a review of import tariffs on certain items.

We are waiting for the approval from the prime minister’s office, and the measures could be announced on Friday.

The federal government is also urging the Goods and Services Tax (GST) council to cut tax rates on items including auto sector products and tourism.

India's GST panel could recommend tax cuts on 20-25 products.

India's proposed GST tax cuts to have limited impact on govt revenue.

India's GST council may defer or reject tax cuts on products with higher revenue implications.

We were planning to spend RBI money (the extra dividend) for new investments. It does not seem possible now.

Meanwhile, USD/INR witnessed a bearish opening gap on Friday, down -0.33%, testing the 71 handle amid economic stimulus hopes.

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