Page 1047 - Economy & Policy News
RBI should raise rates more to fulfil inflation mandate, regain credibility
Higher interest rates may complicate the financing of a record $200 billion government borrowing programme, bigger than even in the first year of the pandemic.
 "RBI should raise rates more to fulfil inflation mandate, regain credibility")
WTO: India raises concerns over trade barriers built in by Indonesia
Indonesia last week banned the export of crude and refined palm oil amid global shortage of the edible oil
 "WTO: India raises concerns over trade barriers built in by Indonesia")
RBI raised interest rates fearing 'shocker' April inflation data: Report
The central bank's move shocked the markets and drove bond yields to multi-year highs. The 10-year benchmark bond closed at 7.40% on Thursday, its highest in three years
 "RBI raised interest rates fearing 'shocker' April inflation data: Report")
Coal crisis: Railways cancels 42 passenger trains; some to be restored soon
The Railways has cancelled 42 passenger trains in order to prioritise coal rake movement across country to deal with a shortage of vital input at thermal power plants, the national transporter said
 "Coal crisis: Railways cancels 42 passenger trains; some to be restored soon")
Medium-term credit growth set for headwinds, predicts India Ratings
Capex revival could get delayed as companies await clarity on the macroeconomic front, says agency.
 "Medium-term credit growth set for headwinds, predicts India Ratings")
Economists expect higher rate hikes after RBI's hike to tame inflation
Most economists are now forecasting a cumulative 125-150 basis points of rate hikes over the next 12 months, compared with about 50 basis points expected three months ago
 "Economists expect higher rate hikes after RBI's hike to tame inflation")
India's services activity at 5-month high in Apr despite inflation worries
While input costs increased at the fastest rate in nearly 14 years, prices charged rose at their quickest rate in around half a decade.
 "India's services activity at 5-month high in Apr despite inflation worries")
Sagarmala Apex Panel to meet Friday: Monetisation, new projects on agenda
Shipping Minister Sonowal, Nitin Gadkari, Piyush Goyal, and Ashwini Vaishnaw to attend top maritime meet
 "Sagarmala Apex Panel to meet Friday: Monetisation, new projects on agenda")
Centre rules out curbing wheat exports despite drop in output, procurement
According to Centre's assessment, closing stock of wheat in FY23 is expected to be about 8 mn tonnes, higher than 7.5 million tonnes buffer requirement
 "Centre rules out curbing wheat exports despite drop in output, procurement")
FY23 GDP forecasts by various agencies realistic: CEA Anantha Nageswaran
Range between RBI's 7.2% and IMF's 8.2% a reasonable prediction, says CEA
 "FY23 GDP forecasts by various agencies realistic: CEA Anantha Nageswaran")
Railways uses 86% of open wagons for coal transportation amid shortage
Data shows the Railways has around 3,82,562 wagons, out of which 1,31,403 are open wagons and 3,636 of whom are in need of repair as of May 2
 "Railways uses 86% of open wagons for coal transportation amid shortage")
India's Russian oil import 'minuscule', must not be politicised: Govt
Country's energy needs are enormous, says oil ministry in statement.
 "India's Russian oil import 'minuscule', must not be politicised: Govt")
Heat stroke accounted for 13.6% of forces of nature deaths between 2016-20
The year 2020 accounted for the lowest number of heat stroke-related deaths
 "Heat stroke accounted for 13.6% of forces of nature deaths between 2016-20")
Govt looks to expand debt management cell as PDMA remains in backburner
A top govt official told Business Standard that internally, the plan for PDMA is unlikely to be revived
 "Govt looks to expand debt management cell as PDMA remains in backburner")
Growth to be in range of 7-8.5% given global uncertainties: CEA Nageswaran
The International Monetary Fund recently lowered its growth forecast to 8.2 per cent which is higher than 7.2 per cent by the Reserve Bank of India
RBI's surprise rate hike signals pivot to inflation management completed
The MPC has focused on preventing inflationary expectations from un-anchoring in an increasingly uncertain environment.
 "RBI's surprise rate hike signals pivot to inflation management completed")
PM Modi holds bilateral meetings with counterparts from Nordic countries
Prime Minister Modi on Wednesday held a series of bilateral meetings with his counterparts from Norway, Sweden, Iceland and Finland during which he discussed with them ways to further deepen ties
 "PM Modi holds bilateral meetings with counterparts from Nordic countries")
EMIs to rise as RBI hikes repo rate by 40 bps; raises CRR by 50 bps
Home, auto and other loan EMIs are likely to increase after the Reserve Bank of India (RBI) hiked its key interest rate by 40 bps in a surprise move on Wednesday in an effort to tame inflation
 "EMIs to rise as RBI hikes repo rate by 40 bps; raises CRR by 50 bps")
April GST mop-up notwithstanding, Rs 1.5 trn a month may not happen in FY23
CBIC to focus on scrutiny of returns and audit for better compliance during current fiscal; finance ministry official sceptical, says April usually has high collection due to payment of arrears
 "April GST mop-up notwithstanding, Rs 1.5 trn a month may not happen in FY23")
Inflationary pressures likely to continue on geopolitical tensions: RBI
The adverse effects of the unprecedented high global food prices due to the ongoing geopolitical situation is reflecting in the domestic market as well
 "Inflationary pressures likely to continue on geopolitical tensions: RBI")