Mumbai, Oct 19: The RBI is likely to go in for another policy rate cut before the end of the year, which, along with fiscal consolidation and domestic regulatory easing, would lead to a gradual recovery in credit demand, according to a Goldman Sachs report.

“We expect an additional policy rate cut before year-end, and the recent GST simplification signals that peak fiscal consolidation is behind us. We expect this, along with domestic regulatory easing, to foster a gradual recovery in credit demand,” the report said.

The report observes that the recent measures announced by the RBI should ease supply-side credit conditions; however, the extent of incremental lending will depend on the demand situation in the broader economy.

External headwinds continue to weigh on India’s outlook, including tighter US immigration costs for H-1B visas that affect Indian IT services, in addition to elevated US tariffs on Indian goods and “these factors could temper credit demand alongside broader macro uncertainty”, the report states.

India’s inflation rate based on the Consumer Price Index (CPI) declined to an over 8-year low of 1.54 per cent in September this year. This gives the RBI more space to focus on reducing the policy rate and injecting more liquidity into the economy to promote growth.

The RBI has raised its projection of India’s GDP growth rate to 6.8 per cent for 2025-26 from 6.5 per cent earlier, as the implementation of several growth-inducing structural reforms, including streamlining of GST, is expected to offset some of the adverse effects of the external headwinds, Reserve Bank Governor Sanjay Malhotra said earlier this month.

He pointed out that India’s GDP recorded a robust growth of 7.8 per cent in Q1:2025-26, driven by strong private consumption and fixed investment. On the supply side, growth in gross value added (GVA) at 7.6 per cent was led by a revival in manufacturing and steady expansion in services. Available high-frequency indicators suggest that economic activity continues to remain resilient. Rural demand remains strong, riding on a good monsoon and robust agricultural activity, while urban demand is showing a gradual revival, the RBI Governor further stated.

Mumbai: A 15-year-old teenager tragically lost his life, and three others were injured in a fire that broke out early Monday morning in a chawl at Machhimar Nagar, Cuffe Parade. Officials from the Mumbai Fire Brigade (MFB) managed to extinguish the blaze within an hour. The injured individuals were rushed to a nearby hospital for treatment

According to information received from the BMC’s Disaster Management Cell, the incident occurred around 4:00 am in a chawl located on Captain Prakash Pethe Marg. Fire officials from the MFB, along with local police and BEST personnel, rushed to the site to carry out firefighting and rescue operations.

The blaze was confined to electric wiring, electrical installations, three electric vehicle batteries, and household articles. It affected an area of approximately 10×10 feet on the first floor of a one-plus-one chawl structure..

Four persons were rescued and admitted to St. George Hospital, where one of the victims, Yash Khot (15), was declared dead. Devendra Choudhary (30) is currently admitted to the ICU, while the condition of the other two injured—Viraj Khot (13) and Sangram Kurne (25)—is reported to be stable. Cooling operations are currently underway, and the exact cause of the fire is yet to be determined.

Mumbai: Due to the fluctuations in the weather over the past few days, the citizens of Mumbai and Konkan are once again experiencing different weather conditions. While there is intense heat on one hand, there is still a possibility of drizzle in some parts. According to the weather department’s forecast, there will not be a big difference in the weather in these parts on October 20.

On October 20, the city is expected to experience minimum and maximum temperatures laying between 20 degrees Celsius and 35 degrees Celsius, accordingly to a recent update by the India Meteorological Department (IMD). The humidity is expected to range around 61% while the wind will be flowing at 10 kmph.

Today’s weather in Mumbai is dry and clear, with rising temperatures due to a prolonged heat wave. The heat intensity has been noticeable since morning, and the weather department warns of further increases post-noon, urging citizens to limit outdoor activities and stay hydrated.

Thane and Navi Mumbai are experiencing similar conditions, with intermittent cloud cover giving way to renewed intense heat. Residents are advised to prioritize their health amidst the escalating temperatures.

In Palghar district, light rain has ceased, leading to a rise in temperature and a noticeable increase in summer heat. Raigad district experiences stable, dry weather, while Ratnagiri forecasts drizzle to moderate rain.

The Meteorological Department continues a yellow alert for Sindhudurg district, indicating possible rain showers and cloudy conditions persist today.

Following the withdrawal of the monsoon, Mumbai’s air quality index (AQI) has deteriorated, worsened by Diwali firecrackers. The Bandra Kurla Complex (BKC) recorded an AQI of 310, classified as ‘Very Poor’, up from 231 the previous day. Other poorly performing areas included Navi Nagar (263), Colaba (263), Kherwadi (225), and Deonar (212). Overall, Mumbai’s AQI was 158, considered Moderate.

Authorities link the declining air quality to weather changes and dust from increased construction activity post-monsoon; a coordination committee meeting is planned to address pollution control. Construction sites are required to follow pollution control regulations, but only 450 out of 1200 have set up AQI monitors. Additionally, the BMC has retracted plans to buy battery-operated dust vacuum vehicles due to inefficiency and health complaints.