With the shock retreat from public office of the Reserve Bank of India chief comes the rise to international prominence of long-time nemesis Subramanian Swamy, a nationalist named to the upper house of parliament in April by the country`s ruling party.
The rupee Monday ended lower by 23 paise to close at an over two-week low of 67.31 against the US currency on heavy bouts of dollar demand amid uncertainty in the wake of RBI Governor Raghuram Rajan's decision against pursuing a second stint.
Recovering from its early morning plunge, BSE Sensex Monday soared 241 points as the government unleashed a new wave of FDI reforms and Brexit worries eased while hectic buying by institutions and talking-up by influential marketmen helped counter Rexit jitters.
India`s rupee fell to a near one-month low and bonds weakened on Monday after central bank governor Raghuram Rajan, whose reforms have been credited for much of the economy`s success in recent years, announced he would quit when his term ends in September.
Having faith in India's growth story amid good monsoon prospects and GDP growth, Stock markets took Raghuram Rajan's decision for 'no second term' in strides and reversed early losses. Sensex is trading up 74 points at 26,699; while Nifty recovered 19 points and trading at 8189 points.
India has received $55 billion in FDI in the last two years, External Affairs Minister Sushma Swaraj said on Sunday, noting enhanced economic engagement with countries across the world has been a major priority area of the government's foreign policy.
Regulator Sebi and stock exchanges have beefed up their surveillance and risk management mechanism to ring-fence capital markets from any excessive volatility tomorrow on account of RBI Governor Raghuram Rajan's surprise decision against a second term.
The chief of SIT on black money feels it will be "difficult" for those holding untaxed assets to avoid disclosure under the ongoing one-time compliance window opened by the government after the limited success of a similar scheme launched last year for those with tainted money overseas.
Raghuram Rajan shocked the nation by announcing on Saturday that he will not serve a second term, once his present term as Governor of Reserve Bank of India, ends on September 4. Who are the top two names that appear to be the strongest contenders to become the next RBI Governor?
In the wake of confusion over whether Prime Minister Narendra Modi had set a target of doubling the income tax base to 10 crore, government on Saturday came out with a statement correcting an earlier press release and saying no specific target has been prescribed.