The key stock exchanges had a gap-down opening on Tuesday with the BSE Sensex losing over 500 points after the surprise resignation of RBI Governor Urjit Patel.
Patel resigned from his post on Monday with immediate effect, citing "personal reasons", setting of a major crisis in India's politico-economic sphere.
Summing up his impression of India's economy in the last four-and-a-half years of the Modi government, the top IMF economist said the country's "growth performance has been very solid".
As per the review statement, based on an overall assessment, GDP growth for 2018-19 has been projected at 7.4 per cent (7.2-7.3 per cent in H2) as in the October policy, and for H1:2019-20 at 7.5 per cent.
Former Chief Economic Advisor Arvind Subramanian said the RBI calculates risk based on a sample that almost no other central bank does and has set for itself a risk tolerance that is "ultra, ultra conservative, almost bordering on paranoia".
In his first public comments since the spat between the RBI and the Finance Ministry came out in the open, Gurumurthy had last week said the stand-off "is not a happy thing at all".
Patel is unlikely to yield under pressure and will rather mount a strong defence of the central bank's policies regarding stringent NPA recognition norms as well as measures taken to ease credit supply to MSMEs.
Amazon CEO Jeff Bezos’ comments surfaced shortly after the company announced it will open offices in Long Island City and the Virginia suburbs of Washington DC.
The rise in the rupee was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas, traders said.
