The Indian economy is likely to get a boost from rural demand picking up and a government-announced tax relief that is expected to support urban consumption, the central bank said in its monthly bulletin on Wednesday.

According to the Reserve Bank of India’s (RBI) monthly State of the Economy report, the Indian economy is on a recovery trajectory in the second half of the current financial year (H2FY25). The report also highlights a growing likelihood that the policy repo rate cut during the February monetary policy review will stimulate domestic demand.

India’s economy has recovered its lost momentum and consumption demand may improve on the back of moderating inflation and tax relief, the Reserve Bank of India said in its monthly bulletin. The government’s budget balances fiscal consolidation and growth objectives by focusing on capital expenditure alongside measures to support consumption,

India's Chief Economic Adviser V Anantha Nageswaran's term has been extended by two years until March 2027, according to a government order seen by Reuters on Thursday. Nageswaran was appointed to the position in 2022 and has also served as a part-time member of the economic advisory council to the prime minister from 2019 to 2021.

The Union government on Thursday extended the term of Chief Economic Adviser V Anantha Nageswaran by two years through March 31, 2027, an office order by the Department of Economic Affairs said.

The government on Thursday extended the tenure of Chief Economic Adviser (CEA) V Anantha Nageswaran for two years till March 2027. Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi approved the tenure of Nageswaran on a contract basis up to March 31,