Page 142 - Indian Economy

Rupee appreciates by 47 paise to close at 82.41 against US dollar

The rupee appreciated by 47 paise to close at 82.41 (provisional) against the US dollar on Friday, as the greenback retreated from its elevated levels. At the interbank foreign exchange market, the local unit opened at 82.85 and finally settled at 82.41 against the American currency, registering a rise of 47 paise over its previous close amid a positive trend in domestic equities. On Thursday, the rupee had closed 8 paise lower at 82.88. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.34 per cent to 112.54. Global oil benchmark Brent crude futures rose 2.05 per cent to USD 96.61 per barrel. "Euro and Pound too recovered on Friday from intraday lows as broader dollar retraced against its major crosses," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. On Thursday, pound fell sharply against the US dollar after the Bank of England raised rates by 75 bps. "We expect the USD-INR (Spot) t

Unemployment rate in India surges to 7.77% in October: CMIE data

The CMIE data further revealed that the rural unemployment rate rose to 8.04 per cent in October from 5.84 per cent in September.

In a two-decade first, currency in circulation declines in Diwali week

The currency in circulation (CIC) declined by Rs 7,600 crore in the Diwali week, making it the first such happening in two decades, a report said on Thursday. This was made possible courtesy of a greater reliance on digital payments by people, the report by economists at SBI said, adding that the Indian economy is undergoing a structural transformation at present. They clarified that the Diwali week in 2009 had also witnessed a marginal Rs 950 crore decline in currency in circulation, but that was purely due to the economic slowdown amid the global financial crisis. "The innovations in technology have changed the Indian payment system. Over the years, the Indian cash lead economy now has changed to a smart-phone lead payment economy," they said. The economists also said that a lower currency in circulation also is akin to a cut in the cash reserve ratio for the banking system as it results in lower leakage of deposits and will have a positive impact on monetary transmission as ...

Services PMI recovers to 55.1 in Oct after hitting six-month low in Sept

Services PMI released by credit rating agency S&P Global improved to 55.1 in October from 54.3 in September

RBI's MPC meets to draft letter to govt on missing inflation target

The meeting was chaired by RBI Governor Shaktikanta Das and attended by all the other five members of the rate setting panel

Growth in India's services sector quickens in Oct, PMI edges up to 55.1

The rate of inflation outpaced its long-run average, suggesting no respite from higher cost pressures in Asia's third-largest economy

Acting prematurely would have hurt economy, says RBI Governor Das

Shaktikanta Das defends timing of rate hikes amid failure to meet inflation target

Will realise $1-trn digital economy goal in 5-7 years: Rajeev Chandrasekhar

The Minister of State for Electronics and Information Technology said that despite the deep disruption caused by the pandemic, India as a nation has emerged stronger

New India focusing on bold reforms, big infra & best talent: PM Modi

New India is focusing on bold reforms, big infrastructure, and best talent, Prime Minister Narendra Modi said on Wednesday. Delivering inaugural address at the three-day Global Investors' Meet, 'Invest Karnataka 2022', via video conferencing, he said at this time of global economic uncertainty, the whole world is confident that the Indian economy's fundamentals are strong. "Despite global uncertainties, India is growing rapidly", he said. The Prime Minister said Karnataka has the power of "double engine", with the same party in the government at both the State and Centre. "When we speak about talent and technology, the first name that comes to mind is "Brand Bengaluru", Modi said. Besides Governor Thawaarchand Gehlot and Chief Minister Basavaraj Bommai, those who were present at the inaugural function included Union Ministers Nirmala Sitharaman, Piyush Goyal, Pralhad Joshi and Rajeev Chandrasekhar. This edition of the GIM is being held under the theme Build for the World' reflect

Missed inflation target, but acting early would have exerted costs: RBI Guv

RBI Governor Shaktikanta Das on Wednesday defended the Reserve Bank's handling of the price situation, saying acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Acknowledging that the inflation target has been missed, Das said the RBI decided to support the economy by not introducing a rate hike in face of a spike in inflation. "We prevented a 'complete collapse of the economy' by keeping rates lower and stayed away from premature tightening," Das said speaking at the annual FIBAC conference of bankers here. Acting early would have exerted costs to the economy and the people, Das said. He said the rate-setting Monetary Policy Committee (MPC) is meeting on Thursday to formulate a response to the government, but defended the RBI's move to not make the letter, to be written to the government, public. Not making the letter public does not compromise transparency, Das said, adding that nothing in the law gives him the authority, privilege and .

RBI won't immediately release letter on inflation response to govt

RBI Governor Das said on Wednesday a letter that will be sent to the government will not be made public after the Nov 3 special meeting because the bank does not have the authority to release it

TMS Ep294: Indian economy, India and COP27, Telecom stocks, 5G testbed

Indian economy: Fingers crossed for the second half? India and COP27: How does the new climate report affect them? Should you buy telecom stocks ahead of 5G boom? What is 5G testbed? Answers here

Manufacturing PMI recovers to 55.3 in Oct amid contained price pressures

Manufacturing employment increases at 'marked rate' as factories report rise in orders, says survey

FM Sitharaman lists climate finance, crypto regulation as key G-20 agenda

Nirmala Sitharaman says India will push for the voice of developing and low-income nations

India needs to be flexible as G-20 chief in face of global challenges: CEA

Nageswaran flags climate finance as a key agenda of bloc in face of 'unknown unknowns'

Warehousing biz grows 45% in first 9 months of 2022 amid headwinds: Experts

Net absorption could reach an all-time high of 43 million sq ft by 2022-end as businesses open up and consumer demand improves

Rural development ministry seeks additional Rs 25,000 cr fund for MGNREGS

The rural development ministry has sought additional funds of about Rs 25,000 crore for the MGNREGS, in a clear indication of a rise in demand for work, sources said on Tuesday. The ministry has sought Rs 25,000 crore from the finance ministry and it is expected that the funds will be allocated by the second week of this month, the sources told PTI. In the Union Budget for 2022-23, an amount of Rs 73,000 crore was allocated for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). Of this amount, about Rs 54,000 crore have been allocated to the states so far, the sources said. About 181 crore person days of work has also been generated under the programme so far, they added. The total expenditure on the MGNREGS is expected to touch the last financial year's level of Rs 98,000 crore. The government would take Parliament's approval for the additional fund allocation under the MNREGA through the first batch of the Supplementary Demands for Grants to be tabled in th

India has conditions in place for an economic boom: Morgan Stanley

'We estimate that manufacturing's share of GDP will rise to 21 per cent by 2031, implying an incremental $1 trillion manufacturing opportunity'

India jobless rate rises in Oct led by sharp rise in rural unemployment

Rural unemployment rate climbed to 8.04% from 5.84% in September, while urban jobless rate was at 7.21% compared to 7.7% a month before

RBI's central board discusses prevailing economic situation, challenges

The Central Board of Directors of Reserve Bank of India on Monday reviewed the current economic situation and challenges being faced by the country due to global geopolitical crises. The 598th meeting of the central board was held under the chairmanship of Governor Shaktikanta Das, the RBI said in a statement. "The Board in its meeting reviewed the current economic situation, global and domestic challenges including the overall impact of current global geopolitical crises," it said. The board also discussed the functioning of various sub-committees of the central board, ombudsman scheme and activities of select central office departments Directors of the Central Board -- Satish K Marathe, S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia -- attended the meeting. RBI Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, Rajeshwar Rao, and T Rabi Sankar, and Ajay Seth, Secretary, Department of Economic Affairs also