Business

The broader Nifty also succumbed to selling and slipped below the 7,800-mark in early trade to hit a low of 7,777.30 before recovering partially to close 43.90 points or 0.56 per cent down at 7,805.90.

The rupee resumed lower at 66.50 per dollar against last close of 66.40 at the Interbank Foreign Exchange (Forex) market.

"As a central banker who has to be pragmatic, I cannot get euphoric if India is the fastest growing large economy," Rajan said.

The key downside risks which could derail the fragile global recovery are - weak demand, tighter financial markets, softening trade and volatile capital flows: Jaitley

The RBI has also reduced the minimum daily maintenance of the cash reserve ratio from 95% of the requirement to 90%.

Arun Jaitley stressed that the debate on crucial economic issues, like interest rates, should move in the right direction in India, which is a "large and noisy democracy".

In a see-saw trading, the benchmark BSE Sensex edged lower by 66 points to end at about two-week low of 24,900.46 while NSE Nifty fell by 18 points to slip below the 7,600-mark.

The pound dropped nearly 1 per cent against the US dollar on Tuesday, following reports of multiple explosions in Brussels.

The moderate growth recorded till 1980s was described by economists as the Hindu rate of growth. After economic liberalisation in 1991, India has been growing at a much faster pace and in some years also crossed the 10 per cent mark.

The highly anticipated deal includes the key terms put forward so far during talks between the two operators.

The trade deficit for February narrowed to $6.54 billion, mainly due to soft demand for crude oil and falling commodity prices.

"We have some people that are wilful defaulters, that have genuinely engaged in illegal activity. As far as those are concerned, the full force of the law is being applied," he said.

The former Chief Financial Officer (CFO) of KFA appeared before the ED office in Ballard Pier area around 11 am.