Business

NITI Aayog will also prepare a seven-year strategy from 2017-18 to 2023-24 to convert a long-vision document into implementable policy and action as part of the national developmental agenda.

The Sensex had lost 505 points in the previous three sessions.

Broader markets also performed weak with the BSE mid-cap index ending 1.22 per cent lower and the small-cap falling 0.98 per cent.

To a query on people trying to evade taxes by showing their income as 'agriculture income', Sinha said the scope of such evasion is less.

The rupee resumed lower at 66.41 as against last Friday's level of 66.33 per dollar at the Interbank Foreign Exchange market.

The rupee had gained by 42 paise or 0.63 per cent in previous two days.

"The time is ripe for a re-evaluation of the fiscal policy space, with a greater focus placed on public investment," he said.

A "risk incident" at a Shanghai branch involved 768 million yuan (USD 122 million) and was related to its notes business, the bank said to the Hong Kong stock exchange.

"Disclosure of names of defaulters may have an impact on the livelihood of scores of employees employed in such entities," the RBI said.

Jaitley said the small savings interest rates had to be cut as they were "extraordinarily high" which were leading to high lending rates.

Banks are trying to ensure that ATMs remain operational during these days so that people don't have any cash problem, a senior public sector bank official said.