Provide incentive in Budget for R&D, create specialised fin institution for long-term fund: MPC member Nagesh Kumar

RBI MPC member Nagesh Kumar urged the government to offer policy incentives for R&D and establish an institutional fund for long-term manufacturing capital in the upcoming Budget. He also suggested restoring the 200% weighted tax deduction for R&D expenditure and creating a specialized development financing institution for manufacturing to boost growth and competitiveness.

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Federal Reserve holds rates steady in a divisive vote

The Federal Reserve kept interest rates unchanged. However, the decision revealed significant disagreements among officials. Three policymakers opposed the statement’s bias towards lowering borrowing costs.

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