The move is estimated to result in Rs 1.45 lakh crore in revenue loss for the government during 2019-20.
RBI purchased USD 6.514 billion and sold USD 900 million in the spot market, according to a recent RBI data.
The contraction in IIP in September has dampened prospects of a quick recovery in economic growth after it slipped to a six-year low.
The country's reserve position with the Fund also increased by USD 10 million to USD 3.648 billion, the data showed.
Govt slams rater, says growth rate stays unchanged.
RBI has also proposed that FASTags would be enabled to pay for parking fee and even at fuel stations.
Government of India has also proactively taken policy decisions in response to the global slowdown.
A credit crunch among non-bank financial institutions (NBFIs), have increased the probability of a more entrenched slowdown.
RBI and other regulators are looking at financial at it holistically, he said when asked about stress in the financial sector.
India wants to be the new destination for global energy players, said oil minister Dharmendra Pradhan.