Business

RBI Governor Sanjay Malhotra emphasized fiscal discipline for economic growth, urging states to prioritize expenditure quality and prudent borrowing. At the 35th Conference of State Finance Secretaries, discussions centered on fiscal consolidation, cash management, and market borrowings. The meeting promoted coordination between states and the RBI for initiatives in currency management and financial inclusion.

The US Federal Reserve has cut interest rates for the first time in nine months, reducing the short-term rate to around 4.1%. This decision, influenced by slow progress on inflation and a weakening job market, aims to address the dual challenge of high prices and difficult employment conditions.