Page 401 - Economy
Economy expected to have grown at slower pace in Jan-Mar qtr: Survey
The median forecast from a survey of 54 economists put GDP growth at 6.7% year-on-year for the three months, the fourth quarter of India's 2023-24 fiscal
 "Economy expected to have grown at slower pace in Jan-Mar qtr: Survey")
Nearly 4 out of 5 digital transactions via UPI, says RBI annual report
The report further added that the Payments Infrastructure Development Fund (PIDF) has aided in the growth of digital payments in the last financial year, the RBI said
 "Nearly 4 out of 5 digital transactions via UPI, says RBI annual report")
Rs 500 note now 86.5% of currency in circulation by value: RBI report
The increase in the share of the Rs 500 note coincides with the declining share of the Rs 2000 note, which was only 0.2 per cent at the end of FY23
 "Rs 500 note now 86.5% of currency in circulation by value: RBI report")
India's FDI equity inflow at five-year low of $44 billion in FY24
High interest rates in advanced economies, limited absorptive capacity locally likely reasons
 "India's FDI equity inflow at five-year low of $44 billion in FY24")
Rs 2000 counterfeit notes more than double, says RBI annual report
Overall, the number of counterfeit notes detected in FY24 was lower than the previous year. There is a declining trend of counterfeit notes detected every year
 "Rs 2000 counterfeit notes more than double, says RBI annual report")
India's GDP growth likely to outpace China's in 2024-28, says EIU
The report suggests that as India's economic heft expands, there would be a crossover in the mid-2040s with BRICS nations taking over the G7 in terms of nominal gross domestic product (GDP)
 "India's GDP growth likely to outpace China's in 2024-28, says EIU")
US, UK in focus as pharma companies eye $31 billion exports in FY25
Industry also working to pump up business in Africa and Russia, regions battling geopolitical crises
 "US, UK in focus as pharma companies eye $31 billion exports in FY25")
Global perception of India is unequal and fragmented: Claude Smadja
To become an alternative to China, India has to address a big challenge -which is that the industrial base of India is too narrow, he said
 "Global perception of India is unequal and fragmented: Claude Smadja")
Why the unorganised sector, thanks to e-rickshaws, leads India's EV growth
While everyone's attention is riveted on electric two-wheelers and cars, e-rickshaws have proliferated, putting the unorganised sector in the forefront
 "Why the unorganised sector, thanks to e-rickshaws, leads India's EV growth")
RBI to allow opening of rupee account outside India to boost currency use
The RBI will permit opening of rupee (INR) accounts outside India by persons resident outside India (PROIs) as part of the 2024-25 agenda for internationalisation of the domestic currency
 "RBI to allow opening of rupee account outside India to boost currency use")
Patient safety outfit files PIL against 'dumping' of used medical devices
The domestic lobby felt that local manufacturers who stepped forward to make these devices in India under PLI are left dismayed as a result
 "Patient safety outfit files PIL against 'dumping' of used medical devices")
Investors bought Rs 27,000 cr of sovereign gold bonds in FY24: RBI report
The bonds bought by investors represented a whopping 44.34 tonne of gold during 2023-24. In 2022-23, Sovereign Gold Bonds (SGBs) representing 12.26 tonne of gold were purchased for Rs 6,551 crore
 "Investors bought Rs 27,000 cr of sovereign gold bonds in FY24: RBI report")
Wholesale CBDC circulation falls, whereas retail circulation rises in FY24
According to the RBI, this move is expected to enhance access and expand choices available to the users apart from testing the system resilience to handle multi-channel transactions
 "Wholesale CBDC circulation falls, whereas retail circulation rises in FY24")
RBI's dividend transfer may ease deposit rates if govt spends it: Ind-Ra
The RBI board last week decided to transfer Rs 2.11 lakh crore dividend to the government out of the profits earned in 2023-24
 "RBI's dividend transfer may ease deposit rates if govt spends it: Ind-Ra")
E-commerce, BFSI, hospitality sectors driving job market in 2024: Report
The adoption of digitalisation is becoming increasingly evident in tier II and III cities like Lucknow, Coimbatore, and Gwalior that have been witnessing a surge in job postings
 "E-commerce, BFSI, hospitality sectors driving job market in 2024: Report")
India to grow 7% in FY25, fastest among major economies: RBI annual report
While the central bank expected headline inflation to moderate further, it flagged risks to food inflation saying that it remains vulnerable to supply-side shocks
Capital requirements will remain high for Indian companies: Moody's
Moody's estimates that 16 of the 23 rated companies will require USD 70-100 billion of funding annually in the next two years for growth spending, refinancing requirements and shareholder payments
 "Capital requirements will remain high for Indian companies: Moody's")
India's FDI inflows fell 3% to $44 bn in FY24; manufacturing down 18%
FDI inflows into India's manufacturing sector in FY24 are among the lowest in five years, according to provisional data in the RBI annual report
MSPs ensured minimum return of 50% over production cost in 2023-24: RBI
The overall public stock of foodgrains as on March 31, 2024 stood at 2.9 times the total quarterly buffer norm
 "MSPs ensured minimum return of 50% over production cost in 2023-24: RBI")
GDP growth robust on back of healthy balance sheets of banks, says RBI
The Reserve Bank's Annual Report for 2023-24 said that the Indian economy is navigating the drag from an adverse global macroeconomic and financial environment
 "GDP growth robust on back of healthy balance sheets of banks, says RBI")