Page 161 - Indian Economy

Surplus parked with RBI falls below Rs 1 trillion as liquidity shrinks

RBI's forex moves, strong credit off-take lead to faster liquidity decline

Not convinced of durable fall in inflation: RBI Deputy Guv Michael Patra

CPI inflation was at 6.7% in July, the first time in four months that the price gauge fell below 7%

FinMin sees Q1 growth at 15.6% ahead of GDP data, impact on trade component

This is lower than RBI's April-June (Q1FY23) GDP projection of 16.2%

Animal spirits? Chris Wood surprised by resilience of Indian stock market

Further evidence of economic resilience and animal spirits, according to Wood, is continuing strong goods and services tax (GST) revenues and buoyant retail sales

Despite headwinds from Ukraine war, India exhibits many bright spots: Birla

Despite global headwinds due to the ongoing Russia-Ukraine war and lingering post-pandemic challenges, the Indian economy has some "bright spots" to help sail through the choppy waters, industrialist Kumar Mangalam Birla said on Friday. Addressing shareholders of Aditya Birla Capital Ltd (ABCL) at the company's Annual General Meeting (AGM), Birla said the turn of the decade felt like a "moment of departure", making 2020 an unprecedented year marred by the pandemic, followed by supply side woes of 2021 and then the Russia-Ukraine war in 2022. Global stagflation is making 2022 feel unprecedented and disruption now feels like 'business as usual', Birla noted. "The Indian economy has not remained unscathed by these global developments. India has also witnessed upward pressures on inflation, rate hikes by the RBI and a widening trade deficit. We are also seeing greater turbulence in currency markets," said Birla, chairman of Aditya Birla Group's financial services arm ABCL. Nevertheless

Ayush industry fastest growing sector of Indian economy: Rajesh Kotecha

"All stakeholders need to work together as it is a big opportunity and we need to develop a eco system of integrating healthcare services and adapt a pluralistic approach for Ayush," he said

Systemic reforms boosted India's macroeconomic stability: Ashima Goyal

Eight years of systemic economic reforms under the Modi government have increased India's macroeconomic stability and its capacity to withstand any external shocks, RBI Monetary Policy Committee (MPC) Member Ashima Goyal has said. Goyal further said appropriate countercyclical macroeconomic policy with continuing supply-side improvements has enabled a growth recovery that is among the best in the world. "Just before the Modi government came in, the country was facing serious macroeconomic instability after the global financial crisis. "After 8 years of systemic reforms, the economy has been able to ride out more severe global shocks with macroeconomic stability, a healthy financial sector, food security and a government and industry that have learnt to work together," she told PTI. Prime Minister Narendra Modi assumed office on May 26, 2014. He was administered the oath of office for his second term on May 30, 2019. On the credibility crisis of India's official numbers on a range

S&P raises India inflation forecast by 50 basis points to 6.8% for FY23

India is facing the external pressures of higher commodity prices, US dollar dominance, and tightening financial conditions from a position of relative strength: S&P

India has ample forex to withstand pressure on creditworthiness: S&P

India has built up buffers against cyclical difficulties and has ample foreign exchange reserves to withstand pressure on credit worthiness, S&P Global Ratings said on Thursday. Speaking at the India Credit Spotlight 2022 webinar, S&P Sovereign & International Public Finance Ratings Director Andrew Wood said the country has a strong external balance sheet and limited external debt, making debt servicing not so expensive. "The country has built up buffers against cyclical difficulties like those, which we are experiencing right now," Wood said. He said the rating agency does not expect the near-term pressures to have a serious impact on India's credit worthiness. "We are expecting a strong level of GDP growth of 7.3 per cent this fiscal," he said, adding the rupee exchange rate movement against the US dollar has been moderate. The rupee has depreciated about 7 per cent against the US currency this year but has performed better than its emerging market peers. Wood said India

India's economic indicators give conflicting signs of recovery in July

Demand for Indian goods and services softened, a cross-section of high-frequency indicators compiled by Bloomberg News showed

Uber India created Rs 44,600 cr in value for economy in 2021: Report

Study commissioned by ride-hailing firm says its services help riders, drivers and communities save money and time

Geopolitical tensions biggest risk to India's growth outlook: Jayanth Varma

The biggest risk to India's growth outlook is an escalation of geopolitical tensions, especially if these tensions spread to the Asian region, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Wednesday. Varma, in an interview to PTI, said that inflation and inflationary expectations appear to be moderating and high inflation will certainly not become the 'norm' in the country. He is cautiously optimistic about the Indian economy for several reasons. "The MPC is determined to bring inflation down close to the target rate of 4 per cent as quickly as possible without imposing intolerable costs in terms of economic growth. "I would like to emphasize that high inflation will certainly not become the norm in India," he said. The Reserve Bank in its latest MPC meeting in August had decided to increase the benchmark lending rate by 50 basis points to 5.40 per cent to quell inflation. The central bank has been tasked by the government to ensure that retail inflation rema

Inflation, rates may hit $114-billion firm debts: Standard and Poor's

'Deterioration in credit profile may not lead to large-scale defaults even in stressed scenario'

SBI and ICRA see economy growing in double-digits in June quarter

Low base, robust recovery in contact-intensive services sector to boost expansion

Department of Commerce to set up a dedicated trade promotion body

The commerce department plans to overhaul the data and analytics ecosystem via centralised data management and embedded analytics capabilities

Is India ahead of 'unacceptably and uncomfortably high' phase of inflation?

The state of the economy report authored by RBI staff said the fall in the inflation rate in July was a heartening development

Recovery tracker: More flights, but decline in vehicle registrations

Power generation was higher than in the previous week

Kerala, UP lag as GSDP of 19 states exceed pre-Covid levels in FY22: Report

The economies of 19 states and UTs in FY22 exceeded their pre-coronavirus levels, as they recorded double-digit growth in the last fiscal year

Best of BS Opinion: Nowcasting the economy, a violation of justice, & more

Here are the top BS Opinion articles of the day

Lesser rate hikes will be needed if CPI falls below forecasts: Ashima Goyal

Liquidity should be in surplus as long as Fed's quantitative tightening continues