The economy is expanding well below the rate needed to generate enough jobs for the millions of young Indians.

A modest overshoot in recent inflation outruns is outweighed by downside risks to RBI's growth estimates.

Total annual revenue loss could be as much as 500 bn rupees if the panel decided to lower tax rates for auto sector to 18 pc from 28 pc.

Banking and non-banking financial companies (NBFCs) are still grappling with very large bad loans on their balance sheets.

If the RBI does cut rates in Oct and early next year it will be the most aggressive amongst major central banks in easing policy.

Banks reduced their weighted average lending rates on fresh rupee loans by 0.29 pc amid the current easing stage so far.

Industry also expects the six-member MPC to take steps to improve liquidity situation and also ensure transmission of rate cuts.

India’s benchmark 10-year bond yield was down 10 bps at 6.43 per cent after falling to 6.42 per cent.

RBI has cut rates by 75 bps since the start of 2019, banks have only eased their key lending rate by 15-20 bps.

Commercial vehicle as well as two and three-wheeler manufacturers are united in seeking lower GST on vehicles.