Anirban Nag And Archana Chaudhary Bloomberg

Mr Patel, who succeeded Raghuram Rajan in September 2016 for a three-year term, has been at loggerheads with the finance ministry on matters including the banking crisis and interest rates.

Prime Minister Narendra Modi's loss of control of a key Indian state will put pressure on his party to ramp up spending to woo more rural voters, pushing back plans to rein in one of Asia's largest budget deficits.

Prime Minister Narendra Modi's loss of control of a key state will put pressure on his party to ramp up spending to woo more rural voters, pushing back plans to rein in one of Asia's largest budget deficits.

While it kept its overall stance neutral, one of the six-member committee gave up his rate cut call while another voted for a 25 basis-point increase.

Government data on Thursday showed consumption continued to fall under the impact of Prime Minister Narendra Modi's clampdown on cash and investment stayed sluggish.

People have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank's profit and dealing a blow to his drive to unearth unaccounted wealth.

The Reserve Bank of India lowered its benchmark repurchase rate to 6 percent from 6.25 percent, as widely expected, and called on local administrations to speed up projects because there's "an urgent need" to boost private investment.

Some of the pessimism stems from the fact that is India is still recovering from a cash ban that interrupted employment for millions, forced farmers into fire sales of agricultural produce and bogged down the manufacturing sector.

The challenge is daunting: Convert an economy of more than 1 billion consumers, 29 states, 22 official languages, 9 million businesses all operating under a spider's web of taxes, arcane regulations and competing political ambitions into a unified common market.

The Reserve Bank of India recommended the move, which was accepted by the cabinet and announced by PM Modi on Nov. 8, Power Minister Piyush Goyal told parliament in November.

However, the numbers don't consider data from November onward, when PM Modi shocked the nation by banning high-value bank notes, Chief Statistician TCA Anant said at a subsequent briefing in New Delhi.

Mr Patel, who succeeded Raghuram Rajan in September 2016 for a three-year term, has been at loggerheads with the finance ministry on matters including the banking crisis and interest rates.

Prime Minister Narendra Modi's loss of control of a key Indian state will put pressure on his party to ramp up spending to woo more rural voters, pushing back plans to rein in one of Asia's largest budget deficits.

Prime Minister Narendra Modi's loss of control of a key state will put pressure on his party to ramp up spending to woo more rural voters, pushing back plans to rein in one of Asia's largest budget deficits.

While it kept its overall stance neutral, one of the six-member committee gave up his rate cut call while another voted for a 25 basis-point increase.

Government data on Thursday showed consumption continued to fall under the impact of Prime Minister Narendra Modi's clampdown on cash and investment stayed sluggish.

People have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank's profit and dealing a blow to his drive to unearth unaccounted wealth.

The Reserve Bank of India lowered its benchmark repurchase rate to 6 percent from 6.25 percent, as widely expected, and called on local administrations to speed up projects because there's "an urgent need" to boost private investment.

Some of the pessimism stems from the fact that is India is still recovering from a cash ban that interrupted employment for millions, forced farmers into fire sales of agricultural produce and bogged down the manufacturing sector.

The challenge is daunting: Convert an economy of more than 1 billion consumers, 29 states, 22 official languages, 9 million businesses all operating under a spider's web of taxes, arcane regulations and competing political ambitions into a unified common market.

The Reserve Bank of India recommended the move, which was accepted by the cabinet and announced by PM Modi on Nov. 8, Power Minister Piyush Goyal told parliament in November.

However, the numbers don't consider data from November onward, when PM Modi shocked the nation by banning high-value bank notes, Chief Statistician TCA Anant said at a subsequent briefing in New Delhi.